Senior competition makes bad situation worse

26 Aug 2008

Covered bond issuance plans are this week being frustrated by competition within the market and also from senior unsecured supply, with spreads coming under pressure from both quarters. But that did not stop Münchener Hypothekenbank from pricing a Eu1bn three year public sector Pfandbrief 2bp tighter than last week’s from Bayerische Landesbank. The Swedish sector continues to suffer from congestion. Read EuroWeek this Friday for the latest developments.

Susanna Rust +44 20 7440 6044

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