Issuers in charge as covered supply to stay squeezed

Covered bond investors suffered in 2012, a year that was marked by meagre issuance and secondary illiquidity. Those looking for respite in 2013 are likely to be disappointed. Falling funding needs and a preference for senior unsecured supply are among the factors keeping analysts’ expectations low. But as Steve Gilmore writes, there are still glimmers of hope for a better year.