Covered Bonds
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Bank of Nova Scotia garnered €2bn jumbo size with the shortest Canadian deal but spread widening pressure forces it and SP Mortgage Bank to pay up -
Core eurozone issuers pay higher new issue premiums after swap spreads tighten
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Away from the heavy Canadian issuance in euros this year, Bank of Nova Scotia diversified funding with Kangaroo covered bond
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The search for safety turns investors to covered bonds
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French three year deal and Berlin Hyp's five year collect combined demand of more than €5.5bn, undisturbed by repricing in the asset class
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Issuers and investors show affinity for the asset class as its pipeline fills up
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The tenor is not great for issuers but funding options are limited and investors love it
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Two year covered bond funding is not ideal, but may become the best option
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The central bank did not buy the usual 20% of one deal issued this week
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Generous concessions and exceptional relative value powered order books
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GlobalCapital spoke to CRH’s CEO about its blockbuster covered bond
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Investors overallocated after Germany 30 year flop
