Covered Bonds
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◆ SSAs throw etiquette out of the window in rapid start to year ◆ Banks blind-sided by sudden correction ◆ Mixed fortunes for corporate issuers -
Mediobanca, BayernLB, BPCE reserve primary market spots as others are expected to bring a deluge of issuance next week
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Spreads gap out too fast after the credit rally of a lifetime ends, pushing price-sensitive issuers to reconsider their market entrance
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Buyers grapple with falling interest rates
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National champion status made it a natural fit for a 10 year
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Issuer adds bells and whistles after plethora of seven year issuance
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Austrian issuer takes rewarded for cautious approach amid busy pipeline and Sigma fallout
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The issuer paid its highest spread on a covered bond since September 2012
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A further four banks will follow on Wednesday, including one with a 10 year deal
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There should be a busy start to the new year, but falling rates and widening spreads might spoil the party
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LBBW and Commerzbank reserve their slots early for first trading day of 2024 with December mandate announcements
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Canadian banks are expected to be one of the largest issuer groups in the asset class as they diversify across currencies
