Covered Bonds

Size and rarity ensured better results for Hamburger Sparkasse and Vorarlberg, despite the EU absorbing demand

Issuers not expected to surface until early June

BMO, RBC and BNS have taken on new staff to capture on juicy FIG fees

Covered bond's pick-up to govvies and near 2% yield proves irresistible to investors

The Pfandbrief transaction offered a rare double digit pick-up over swap rates

Doubts about US banking sector undiminished but NIPs tighten in the FIG and covered bond markets

EU bonds traded heavily but caught a bid after Bunds widened against swaps

Orders have tumbled for a number of bond syndications recently when issuers have set final terms, which has proved a source of anxiety. But this is no bad trip; rather it is a market operating in a higher state of consciousness

Issuers plan to reopen the long end but no urgency to do so

Waiting for the perfect time to issue a long dated bond is a fool’s game

Certainty on inflation and rates outlook needed to catalyse supply

Banks are in no rush to price but deals should emerge before long