Covered Bonds
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Sellers will compete for buyers’ attention as they fall prey to a confluence of factors -
Lending is down but deposits are falling faster says S&P
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Taps have provided as much funding as a benchmark for some banks
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Analysts expect a widening but investors see limited scope
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Capital markets is a human relationships business. The people that forge these ties need time to recharge and rebuild, or they risk mistakes after a turbo-charged half year
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Dealers are long of the same deals which are better offered in euros
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The failure of SVB and CS were a prelude to a wider credit meltdown
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Borrowers could be tempted to follow but would need to move this week
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◆ Dual tranche trade attracts over €5bn of orders ◆ 'Generous' spread fuels demand ◆ Other household names could tap quiet market before late August rush
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Banks itching to issue as they fight for investor attention to keep premiums tight
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The bank could issue covered bonds secured on Dutch and German loans
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Leads disagreeing on fair value did not matter, as investors voted with their feet
