Jubilation as jumbos jump from nowhere

Despite forecasts of negligible jumbo issuance in early 2009, issuers from France and Germany launched new benchmark covered bonds in the early weeks of the year. While only a handful have been willing to pay the levels now necessary, the supply shows that jumbo issuance remains a viable funding instrument for leading issuers. Brendan Daly examines how the dynamics of covered bond execution have changed.