Covered Bonds
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Investors have become increasingly picky in the face of a supply glut -
SSA and covered bond spreads are being marked wider but selling has been limited
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Issuers’ spread and size ambitions are limited as investors call the shots
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Oversubscription, 5bp price tightening and a smaller concession are reassuring signs for the asset class after a week of struggling deals
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Undersupplied five year point the ‘sweet spot’ for covered deals
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Some investors are waiting for covered bond spreads to widen before jumping into the primary market
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Bids are faltering, but spreads are still broadly holding in
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LF sparkles as DZ and Crédit Ag flounder further out
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The high spread and short tenor helped haul in demand on a difficult day
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The long tenor was a bone of contention and investors had plenty of other deals on offer
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Despite its rarity as an issuer, the Spanish lender struggled to win investors’ attention in a busy market
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Good two-way flows across all sectors point to resilient market
