Covered Bonds
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US banks may find a willing audience in euros but that will add to complications for European issuers as they look to start early on 2024 funding -
Asset-liability management exercises may become more popular as investor credit lines fill
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Covered bond issuance is on track to finish 2023 close to last year’s record, but the more uncertain global outlook suggests next year could prove less certain and more difficult to predict than 2023.
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The ‘perfect name in the right asset class and tenor’
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Rates volatility is dampening sentiment, with higher Bund yields causing a compression in their spread to swaps, effectively making rates products more expensive to core European government bonds.
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Stadtsparkasse München to test demand for five year Pfandbrief
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The ground breaking deal sent a green light to other UK issuers
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The spread was closely calibrated to ensure critical domestic demand
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Deal becomes the most subscribed German covered bond for two months
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Santander makes case for G-Sib issuance but bankers insist minnows can price unsecured too
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Achmea and SMTB lacked traction as issuers left to mull cooling sentiment
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Novelty and high quality asset pool fueled demand for the bumper print
