Morning wrap September 17: make hay while the sun shines

The primary covered bond market finished last week in a positive state with as many as nine issuers from six jurisdictions raising as much as €8.5bn across two currencies, on the back of €16.7bn of demand spread across more than 900 orders. Given this superbly constructive backdrop, it is possible that other issuers will be looking to bring deals. For, as history shows, only the nimble footed can be rewarded by the fleeting funding windows that have characterised the markets for much of this year.