Covered bond demand takes off as supply rises

Take Off
By Bill Thornhill
14 Jan 2020

BPCE took the lion’s share demand for the six covered bonds issued on Tuesday with its stand out two-part offering that was priced flat to the curve — along with other deals from OP Mortgage Bank, Deutsche Pfandbriefbank, UniCredit Bank Austria and Axa Bank Belgium, which issued its first transaction under a new and new and lower rated ownership structure.

The five covered bond issuers attracted demand of more than €11bn, with BPCE’s two-part eight and 15 year trade leading the pack. The six tranches issued on Tuesday represent a step-up from the four issued on Monday and the average daily rate of three issued last week.

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