Covered Bonds

Although investors want sterling risk, issuers are not queueing up to issue

◆ Nationwide to grow asset size by a quarter ◆ Affords to pay 38% premium thanks to top ranking CET1 ratio in Europe ◆ Strong rally of Virgin Money bonds suggest acquisition likely to proceed

Although demand could support a 15 year deal, issuers are reluctant to lock in higher spreads

The long zone is wide open, but access is limited to names with strong followings

Pent-up demand for first sterling covered deal in three months fuelled the tight outcome

£500m no-grow trade the first in sterling for three months

Only ‘something really stupid’ could derail red hot covered bonds

Canadian lender printed €5.5bn with an €11.2bn book

After a series of wide moves from IPTs, investors were pleased a deal began close to landing

◆ The consequences of sovereign retail bonds ◆ Asset managers alter covered bond landscape ◆ Ramadan drives Gulf deal surge ◆ One word: plastics

Why lock in a high spread just because primary conditions are stellar?

New investor base hungry for periphery and non-standard covered products