Covered bond funding decisions deferred

By Bill Thornhill
28 Aug 2014

Few covered bond issuers are rushing to bring the first deal of September, traditionally one of the busiest issuance periods of the year. There are an unusually high number of regulatory and macroeconomic factors to consider this year, making a slow start likely.

Last year eight deals were launched in August and double that number were priced in September. However this month only Helaba and National Australia Bank supplied the market and in both those cases the borrowers tapped existing deals rather than issue new benchmarks.

“I have the feeling bank ...

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