Covered Bonds
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More popular short dated trades helped propel annual covered bond issuance in single currency to new high
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Stop-start core markets fuelling issuers’ desire to diversify into niche currencies
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Investors left the order book after size aspirations were set
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The deal ‘drew a line’ under a period of hefty secondary market selling
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Deals performing but market lacks conviction, say dealers
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Caffil’s green label and early commitment to the size of the deal spurred demand
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Short end deals the safest option, but firms will still have to pay up for funding
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Aussie covered supply in euros for 2022 is exceeding market expectations
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Regulatory needs to drive decisions as banks await chance to top up their MREL funding
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Deutsche paid a juicy concession for its second deal in six weeks
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Long-dormant funding option to revive as conditions align with those in euros
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Borrowers got deals away but the high costs will deter others