Covered Bonds
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First deal in a month is likely to test demand and price expectations at the five year point -
Busy week across products and currencies reduces chance of saturation
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Core European banks are likely to pave the way
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UK bank prices largest single tranche covered bond from a foreign issuer in Swiss francs for over three years
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ABS, and euro and dollar covered bonds, may be preferred instead
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A widening in the Schatz swap spread should have caused more buying
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Senior spreads widen, but OBGs unchanged as supply eyed
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Syndicate hopes to deliver Lloyds diversification at a saving
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Singaporean bank captures large orders amid scarcity of Aussie supply, with more foreign lenders to follow
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Covered bonds look safe, as investors’ focus turns to capital
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Investors’ need for duration adjustment drives long dated print to double digit negative spread
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◆ Offshore banks eye August and September window ◆ Aussie dollar pricing comparable to euro curves for some
