Issuers ‘hot trot’ in covered bonds as bankers see execution certainty

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By Bill Thornhill
17 Sep 2019

Demand for euro covered bonds issued on Tuesday by Virgin Money, NN Bank and DZ Hyp has markedly improved from earlier this month, and lead managers have announced a further series of transactions from Royal Bank of Canada, SR Boligkreditt, Skipton Building Society and Liberbank.

The covered bond trio attracted strong demand from a broad audience of investors on Tuesday and showed that market conditions have distinctly improved since the European Central Bank’s recent policy meeting.

“We’ve seen a hot-to-trot across all asset classes,” said a syndicate banker on several of Tuesday’s ...

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