Covered Bonds
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Core Europe to lead the charge but without German issuers -
Belly of the curve likely to be most active, but anything from three to 10 years is doable
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HQLA investors have reallocated away from covered and into SSAs
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DekaBank's sub-benchmark success shows investors are there, but issuers are unwilling to follow
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◆ First syndicated covered bond since early July almost four time covered ◆ Deal lands tight but still offers SSA pick-up ◆ RFPs circulate as pipeline builds
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◆ Wendel proves the summer market isn't just for the big boys ◆ Trio of new issues show buoyant market for banks ◆ Private credit's threat to the investment grade bond and loan markets
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Senior funding there for the taking, covered bonds yet to take off — but conditions are great for all
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Aussie covered supply could rise if proposal to lift cover pool cap passes
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◆ UBS ends 14 month Swiss franc covered absence ◆ Next to no premium paid ◆ Swiss bank has raised AT1, senior unsecured and now covered in the last week
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Books bulged in July as investors flocked to the last of the summer deals
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Deals up to 20 years could be possible — if issuers are willing to pay some NIP
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Second tier issuers already eying September for deals
