Senior swingers prove life begins at 80bp

Like Woody Allen hungrily eyeing the party in an adjacent train in Stardust Memories, covered bond bankers were left feeling like they’d brought the wrong ticket this week, as the senior unsecured market revelled in issuers’ willingness to print deals at levels that tempted investors to throw caution to the wind. But one analyst warned that issuers who adopted a similarly relaxed attitude to covered bond pricing could be seen as party-poopers.