Overseas covered issuance takes up euro slack

23 Mar 2012

Waning euro primary covered bond issuance has been counterbalanced by a pick-up in overseas markets with Bank of Nova Scotia and Swedbank pricing dollar benchmarks and Australia and New Zealand Bank pricing its inaugural Aussie dollar benchmark at the end of last week.

"It is good to see other regions opening up," a UK based syndicate banker said. "I get the impression issuers are waiting to see euro spreads grind tighter and they’re in no hurry to come to market."

The Bank of Nova Scotia (BNS) returned to the dollar covered ...

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