Covered Bonds
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A tale of two FIG markets: covered bonds are tightening and collateral will be freed up -
Austrian covered bond issuance has sharply increased in 2022
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UK issuers wanting to avoid regulatory uncertainty in euros are expected to switch to sterling
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The two-part deal was a ‘no-brainer’ due to its generous pick-up and high yield
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Recent new issues have performed well but sentiment set to turn bearish
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Credit Agricole Next Bank wasn’t the only major bank of French origin in the Swiss franc market on Tuesday
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RFLB NW's competing Austrian 10 year proved trickier to sell
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Three issuers have mandated leads for for follow-on deals
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The market feels constructive and spreads are stable, traders said, but underlying mood is nervous
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Execution compared more favourably to a competing deal in the same tenor from NAB
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The four year sale landed with 3bp of premium after an aggressive start
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Long and short deals from MuHyp and Sparebank 1 had smoother execution
