Covered Bonds

Screws turn on covered bond and SSA issuers as 10 year Bund yield turns positive for first time in years

Now is the time to embrace funding flexibility by considering different execution strategies and pricing techniques

NBC achieves tighter spread than larger peers, albeit in smaller size

Borrower prints latest deal with a small premium over domestic covered bonds

Pulled tranche and pricey six year from Raiffeisen come as Muenchener Hypothekenbank fails to tighten last basis point

Bank of Montreal’s ability to issue the largest covered bond since 2006 demonstrated the anxiety over the rates outlook that has left investors hankering for short dated, safe assets

The rates market has been broadly stable this week as players speculated about the maturity of the EU’s impending bond auction, investors locked in profits amid rising rates and as the long end of the covered bond curve weakened

The decision by Royal Bank of Canada and Aktia Bank to issue covered bonds in the intermediate part of the curve on Tuesday ensured superb receptions

An 11 year maturity may have suited Crédit Agricole but a 10 year would have probably resulted in tighter pricing

LBBW managed a good pricing outcome as covered bonds from Crédit Agricole and Aktia were announced

Despite a generous starting spread, demand for ABN Amro’s €1bn 15 year issued on Monday was anaemic, underscoring investors’ concerns that yields could head even higher

Bank of Nova Scotia’s decision to issue in sterling and euro covered bonds on Monday ensured it was able to raise sizeable funding in a broad maturity range