Covered Bonds

◆ 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

Books bulged in July as investors flocked to the last of the summer deals

Deals up to 20 years could be possible — if issuers are willing to pay some NIP

Second tier issuers already eying September for deals

Long end deals could be on the cards for brave Benelux borrowers

Investors and issuers unlikely to reshape plans to capitalise on wide covered levels

Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds

The higher one climbs the investment banking ladder, the less science seems to be applied to recruitment. While trainees must suffer weeks of formal recruitment process, the biggest P&L drivers are more likely to be tapped up down the pub

Investors are unlikely to buy large new issues at the current tight spreads

◆ EU budget ambition to cement issuer status ◆ French spreads ◆ Finally, the European bond market's consolidated tape

Budget induced volatility could push OATs above covered spreads across the curve

Strong corporate demand bodes well for the rest of the credit market