Covered Bonds
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Although demand could support a 15 year deal, issuers are reluctant to lock in higher spreads -
The long zone is wide open, but access is limited to names with strong followings
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Pent-up demand for first sterling covered deal in three months fuelled the tight outcome
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£500m no-grow trade the first in sterling for three months
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Only ‘something really stupid’ could derail red hot covered bonds
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Canadian lender printed €5.5bn with an €11.2bn book
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After a series of wide moves from IPTs, investors were pleased a deal began close to landing
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◆ The consequences of sovereign retail bonds ◆ Asset managers alter covered bond landscape ◆ Ramadan drives Gulf deal surge ◆ One word: plastics
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Why lock in a high spread just because primary conditions are stellar?
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New investor base hungry for periphery and non-standard covered products
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There is a strong investor bid for non-eurozone names
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Hamburg-based lender’s latest 10 year more than four times covered
