Covered Bonds
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First Danish deal of the year offered diversification for investors -
Issuers are being pragmatic and the monetary policy outlook is clearer
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Berlin Hyp was only just subscribed; RBI could not tighten pricing
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Austrian firms pay up following deluge of covered supply
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Dollar market to offer certain covered funders size at an attractive cost
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Risk appetite is sound, meaning investors want to get paid
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Danske pushed aside by far juicier deals from Spabol and Wuestenrot
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Transparency on deal size improved execution certainty of rare long dated deal
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Dimmer view of credit manifests in primary market
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Bunds have held a tight range as market awaits key inflation data
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Borrowers can't allow predictions of rate cuts to dictate issuance schedules — if the conditions are good, go
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NAB took size and priced flat to fair value for its first deal of the year in sterling
