Covered bonds on hold, as Greece takes centre stage

The covered bond market was on hold on Monday, awaiting developments in Greece after the anti-austerity party, Syriza, won a near majority in Sunday’s elections. Though the result was in line with expectations, the market is sensitive to the risk of negative headlines. One or two deals could emerge this week, but there is unlikely to be much until next week, when many issuers emerge from blackout.