Issuers breathe easier despite funding costs rising

With the covered bond market feasting on an average of more than a benchmark sized deal a day, concerns about oversupply leading the buy-side to turn its nose up at deals have resurfaced. However, investors have so far sampled every dish put in front of them and although some deals have been devoured more quickly and in larger quantities than others, issuers who have managed to get deals done this week are largely looking back with relief.