BMO Capital Markets
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Order books for sterling covered bonds have been slow to build and smaller than usual, despite a double digit spread widening -
SSA issuers in dollars turn to defensive floating rate deals ahead of expected 50bp rate rise
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Issuers line up euro and dollar deals after KfW blowout
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Issuers test longer part of curve after Fed keeps maturities short
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Investors crowd into short end of dollar curves still as further Fed activity looms
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Fed meeting and sharp volatility keep other issuers away
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Investors lap up trades as more borrowers line up for Thursday
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Ontario borrows at 10 years while KomnuneKredit opts for two year trade
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Dollar investors have money to spend as rate rises near
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Market emerges from shadow of BoE activity that hampered late 2021 issuance
