Covered Bonds
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An OBG repricing may draw demand, especially after budget talks are finalised -
Pipeline builds for November as liquidity bottlenecks feared in 2024
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The EU must issue more 10 years if it wants a futures market
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The European banks have slightly boosted confidence hurt by Fortis Bank's Friday flop
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Core and semi-core eurozone issuers are spying a chance to push ahead with funding after low volumes in September and October
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Deal just subscribed as issuer trades on scarcity to prioritise size but some think it could impact pipeline
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A backlog of deals is building and a further repricing is likely
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US banks may find a willing audience in euros but that will add to complications for European issuers as they look to start early on 2024 funding
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Asset-liability management exercises may become more popular as investor credit lines fill
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Covered bond issuance is on track to finish 2023 close to last year’s record, but the more uncertain global outlook suggests next year could prove less certain and more difficult to predict than 2023.
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The ‘perfect name in the right asset class and tenor’
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Rates volatility is dampening sentiment, with higher Bund yields causing a compression in their spread to swaps, effectively making rates products more expensive to core European government bonds.
