NIBC awaits US outcome; OBGs steady despite Italian political crisis

A final decision on the timing of NIBC’s conditional pass-through covered bond will be taken on Tuesday morning when the outcome to the US political impasse over the state budget and Obamacare should be known. Political risks were also evident in Italy on Monday, though Italian covered bonds have so far held steady as the dearth of supply has kept spreads close to their tightest levels of the year.