Market draws breath as inaugurals line up

The covered market is taking its first real pause for breath since issuance restarted in early January. A rise in Bund futures and widening peripheral spreads, set against a backdrop of record supply, restricted primary issuance this week to long dated benchmarks from Caisse de Refinancement de l’Habitat (see separate story) and UniCredit Bank Austria, as well as taps from Banco Popular and CRH.