Covered Bonds
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The European Covered Bond Council plans to submit its report on the proposed reforms to the European Commission
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Dollar and euro flow picks up in private placements
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◆ Several market currents support new long five years ◆ UniCredit GmbH achieves larger size close to fair value ◆ CRH pushes annual covered funding to €3.15bn
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◆ British issuer tightens both tranches 6bp ◆ Spreads in line with comparables ◆ Lloyd’s first covered since its sterling deal in March
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International borrowers dominate this week's flow in the currency
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With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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Market participants gathering in Stavanger will focus on market growth
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The only covered bond issued this week landed with a small new issue premium
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This week’s covered bond market was quiet compared to seniors and SSAs, bankers say
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◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday
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No covered bonds have been issued in primary since Tuesday
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Swiss insurer Helvetia Baloise prints first bond since merger