Covered bonds find unlikely hero as FIG creeps back to normality

By Tom Porter
03 Jul 2013

Credito Emiliano produced a stellar result in covered bonds this week, trumping the combined efforts last week of better-rated borrowers to show the benefits of rigorous investor relations work. The ability to appeal to investors proved important in capital new issues too as was clear from the chunky premium initially offered by Aviva’s tier two deal on Tuesday, which led a brief revival in FIG supply ahead of a central bank-dominated end to the week.

Several issuers could have launched covered deals this week, but after recent sovereign bond market volatility and a lacklustre reception to last week’s three deals from top quality credits in core Europe, bankers had suggested that careful consideration would need to be given to this week’s re-opening trade. ...

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