Covered Bonds
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◆ German deal is first syndicated benchmark in five weeks ◆ Slim premium paid to secure size ◆ Issuer’s covered bonds are best German performer year to date -
Issuers are lining up to reopen the market with no plans to shake up their funding plans
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Strong demand for two year paper helps regular issuer hit refinancing target
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◆ Little impact from election expected, but issuers don't want to risk it ◆ Vanishing number of issuance windows remain
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When markets fall out of bed, the best investment bankers still look like they sleep easy
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◆ Issuers lining up market reopening trades ◆ Issuance to resume next week ◆ Solid first deal to herald rush of supply
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◆ Issuers and investors look for clues after violent price swings ◆ Which borrowers will lead autumn deal spree ◆ How pricing has shifted in primary market
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ZKB, Thurgauer Kantonalbank and KBBL take Sfr650m from market ahead of scheduled Pfandbriefbank trade
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A pair of German states, an agency and Pfandbrief issuer are all possible candidates
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◆ Smaller cover pools suppress funding needs ◆ Issuers consider benchmarks instead ◆ German and Austrian lenders provide bulk of supply
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◆ Prefunding discussions to pick up in the autumn ◆ Elevated spreads are deterring supply ◆ US election will dictate demand
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Digital bonds will struggle to take off if they do not fit into regulatory regimes
