Covered bond liquidity is starting to matter more

By Bill Thornhill
12 Jan 2017

As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.

The most highly oversubscribed deals of the week were five year bonds from Swedbank and Bank of Nova Scotia. Their large size, relatively short maturities and exclusion from the European Central Bank’s purchase programme (CBPP3) should in theory confer a higher degree of liquidity compared with most other ...

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