Mixed hopes for November covered bond supply

Oil pipeline 230x150
By Bill Thornhill
02 Nov 2018

Covered bond spreads are likely to be wider in January when supply typically peaks, making a good argument for pre-funding this November and giving optimism to some bankers. However, while there are a few projects slated for next week, other bankers do not believe an avalanche of deals is likely.

At around €10bn, October’s covered bond issuance was up 60% on October 2017 according to analysts at ABN Amro. But whether this primary momentum carries through to November remains to be seen. So far this year €124bn has been issued which is up 28% from 2017.

Although the ...

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