Covered Bonds

Santander makes case for G-Sib issuance but bankers insist minnows can price unsecured too

Achmea and SMTB lacked traction as issuers left to mull cooling sentiment

Novelty and high quality asset pool fueled demand for the bumper print

Demand was less than the previous French duo, but compelling for the larger deal size

The EU's deals may perform further, but not for long, believe traders

Cover ratios, price traction and premiums are all moving in issuers' favour

◆ Senior euro funding pushed back in favour of covered bonds ◆ Both issuers and investors show preference for high grade products ◆ BPCE picks the US for a quadruple Yankee as sentiment recovers

Local market deal will help the bank's domestic entity to fund cheaply and independently

After an abysmal September, covered bond volumes began to improve on Tuesday, as Caffil and Nationale-Nederlanden Bank returned to the market to raise €750m apiece, and Danish Ship Finance announced a new three year deal and a tender offer.

Investors may prefer to buy covered bonds amid escalating geopolitical tensions but rates volatility is against them

◆ IG investors comfort eat sweet spreads ◆ What can FIG issuers do now? ◆ US HEI securitizations: mainstream or flash in pan?

Senior issuance to come to the fore as higher rates deter covered bonds and subordinated funding