Covered Bonds
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The way banks do compliance training makes them riskier, not safer
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Recent Länder deals shed light on where covered bonds might clear
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Hot market conditions encourage pre-funding, amplifying borrower dilemma ahead of busy January
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Interest from assets managers led the German bank to issue a rare fixed rate sterling deal
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◆ Dutch bank raises A$1bn via local branch ◆ Aussie covered supply significantly down ◆ Tight senior/covered spreads push local major banks elsewhere
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◆ German lender raises £325m with rare fixed rate note ◆ Calculating fair value 'hard' ◆ Leads looked at euro covered and sterling senior unsecured comps
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Parched market anticipates concessions to climb should supply return
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◆ Aareal's first covered bond in sterling since 2021 ◆ Comps include euro covered and sterling senior unsecured bonds ◆ Issuer to buy back previous note
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Covered market looks to returning SSA issuance for clarity over swap spread moves
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◆ Trump triumphs, Scholz slumps, rates roil ◆ Credit issuers off to the races ◆ Rates issuers contend with unprecedented Bund-swap inversion
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Conclusive US election result and rate product woes open pre-funding options to banks
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Historic spread shift smacks valuations after German government falls apart. Market at 'most critical moment in 20 years'