Covered Bonds
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Which assets will dominate when issuance returns depends on whether borrowers choose to tackle their more difficult trades first -
Pfandbrief lender plans only two weeks of marketing, down from the eight needed by KfW
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◆ New legislation will drive supply ◆ Covered bonds become a crucial part of Polish funding mix ◆ Up to €1bn of fresh paper expected this year
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Middleton to lead term funding and capital at the bank
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Deal came flat to recent Pfandbriefe and offered a negative concession
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◆ Slightly positive overall mood in markets on Monday ◆ Biden dropping out has no immediate impact but volatility may come later ◆ Potential issuers monitoring Monday's market moves
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◆ First Pfandbrief issued under new digital securities law ◆ Cover pool will be signed off on the chain ◆ Pricing expected next month
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French covered bond spreads may be alluring, but issuance will be muted for the rest of the year
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◆ Swedish supply down in euros ◆ Domestic market offers better alternative ◆ Euro issuance to pick up in the autumn
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Safe senior bonds are all well and good — but refinancing capital will show just how far investors' appetite for property-heavy banks goes
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◆ Crédit Mutuel sells first French covered since parliamentary election ◆ French firm goes for size over price ◆ Small premium needed for 'defensive' deal
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◆ Well funded banks in no rush to print ◆ Reporting season, summer holidays dampen supply ◆ 'One or two' frequent names could still print
