Rarity valued as covered gets crowded

With 14 benchmarks in just over one week and several issuers on roadshow, analysts are debating when covered bond primary market momentum will slow. Recent issuance has been well received and generous new issue premiums have ensured spreads have held around re-offer. But with supply coming at all points on the curve, and as many as three trades from some jurisdictions, prospective issuers may find placement increasingly difficult.