Covered Bonds
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As the going got tough, the tough got their deals done leading to hopes of AT1s and Italian covered bonds -
More supply to come as unexpected rates volatility no bar to success
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Access to longer funding may soon spread to new countries
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Niche currencies and alternative formats can help lower costs and provide diversification
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Long dated bonds tipped to perform
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Banks find sweetspot between offering a premium in Swissies while saving compared to euros
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ING paid up to issue covered bond in benchmark size, Aktia sailed through but two other issuers had a tougher time
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Covered deals need to offer high premiums, if borrowers cannot offer something new or remove uncertainties
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The CRE market has yet to stabilise, with bids and offers far apart
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UK lender could issue covered bonds as soon as Q3 to help refinance TFSME debt
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'Up to 15 deals' are expected to hit the Swiss market over the next two weeks
