Covered Bonds
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The European Central Bank was unable to buy enough covered bonds to prevent its portfolio from shrinking in January, suggesting it will intensify its purchasing efforts -
Covered bond and rates traders were constructive on the near term prospects for those markets on Tuesday despite some uncertainty about the effect of central bank policy and forthcoming issuance from the EU
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Landesbank Saar surprised lead managers with its sub-benchmark sized Pfandbrief on Tuesday, which attracted a benchmark sized order book
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Fédération des caisses Desjardins du Québec (CCDJ)’s covered bond on Tuesday was in such high demand it could have been priced tighter than its Canadian peers
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Fédération des caisses Desjardins du Québec (CCDJ) announced plans for a five year covered bond on Monday as Landesbank Berlin priced a 10 year in sub-benchmark size
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Issuers will need to move early and nimbly as credit and rates sentiment will be choppy
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Tighter US monetary policy is inevitable. Europe will lag but it is moving in the same direction, implying a ‘first mover advantage’ for issuers
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The 15 year tenor could re-open for the right name and spread
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Investors sell short notes to make room for longer deals with concessions
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Concessions increased in higher risk markets while oversubscriptions waned
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US investment bank selects new head of euro SSA trading
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Deal illustrates market is open for right name and tenor
