Covered Bonds
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Regular Swiss issuer reopens two covered bonds in last sale of 2023 -
◆ End of year slow down exacerbated by caution ahead of major central bank decisions ◆ Sentiment stays strong albeit some dents after strong US economic data forces changes in rate cut expectations ◆ European banks send RFPs for January issuance
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EU Parliament and Council have reached a provisional agreement on EPBD but 'devil is in the details'
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Regular issuer targets lower size and lands inside last trade from Pfandbriefbank
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Bank spreads are trading very tightly, but are priced for perfection. Any jolt to interest rate expectations will spoil the party
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Senior-covered spread ratio hits key threshold, attracting real money
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Increase in dollar issuance follows growing fatigue towards euros
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Yields and spreads collapse amid ‘desperate buying’
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The deal offered exceptional value and was increased then tapped
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Senior spreads are tight and covered bonds risk widening further
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Dutch banks are changing the composition of their green pools
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More time needed, but Pfandbriefe cover pools should be safe
