Covered Bonds
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The yield curve is less inverted but it brings no relief to duration fiends -
The deal attracted half the demand of compatriot issuer's, but was priced far tighter
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The wide starting spread suggested a great deal of price discovery
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◆ Senior deals beckon if volatility subsides ◆ Hamburger Sparkasse pricing likely to be unaffected by higher rates ◆ Covered bonds more affected by rate swings
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The Australian bank's debut deal was perfectly timed and would not have achieved the same result this week
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Bears at the wheel amid hopes supra will come 'super cheap'
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Rates volatility suggests funding windows could be short lived
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Asset managers avoid new issue, favour more attractive secondary spreads
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Issuers use quiet days to market, aiming to launch later in week
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More covered paper expected in Swissies as euro issuance goes quiet
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◆ Central banks and governments want to take banks’ money ◆Where has the greenium gone? ◆ Direct lending goes investment grade
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Banks could be snared by higher reserve requirements, deposit flight and active quantitative tightening
