Euro and dollar benchmarks issued by Nordea, Lloyds, Korea Housing Finance Corporation (KHFC) and SMBC on Tuesday was a fillip for covered bond market participants suffering through volatile credit market conditions that have caused price expectations to fall.
FIG activity had been exceptionally quiet so far this month. Only one €500m Slovakian benchmark emerged in primary last week.
“It’s been pretty quiet because of the volatility, but we are now back to business with all markets functioning,” said a lead manager on Nordea’s €1bn eight year. The