Covered Bonds
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◆ New issue premiums return to euro covered issuance ◆ Issuers unable to tighten despite wider starting spreads ◆ French covered spreads could tighten -
◆ German banks raced out of the blocks this year ◆ Slower loan book growth to damp supply ◆ Pfandbrief spreads unlikely to tighten
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To insist that bankers only pursue jumbo deals is akin to asking traders to only buy stocks that go up
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Which assets will dominate when issuance returns depends on whether borrowers choose to tackle their more difficult trades first
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Pfandbrief lender plans only two weeks of marketing, down from the eight needed by KfW
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◆ New legislation will drive supply ◆ Covered bonds become a crucial part of Polish funding mix ◆ Up to €1bn of fresh paper expected this year
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Middleton to lead term funding and capital at the bank
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Deal came flat to recent Pfandbriefe and offered a negative concession
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◆ Slightly positive overall mood in markets on Monday ◆ Biden dropping out has no immediate impact but volatility may come later ◆ Potential issuers monitoring Monday's market moves
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◆ First Pfandbrief issued under new digital securities law ◆ Cover pool will be signed off on the chain ◆ Pricing expected next month
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French covered bond spreads may be alluring, but issuance will be muted for the rest of the year
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◆ Swedish supply down in euros ◆ Domestic market offers better alternative ◆ Euro issuance to pick up in the autumn
