Covered Bonds

Spreads have been resilient as S&P says limited impact on covered bond programmes from Austrian property company's default

◆ ECB repayments to influence banks’ covered and SP issuance ◆ But TLTRO repayments less important than this year ◆ Large pre-funding could mean lighter January supply

Bank analysts agree that Bund ASWs will tighten in 2024

Regular Swiss issuer reopens two covered bonds in last sale of 2023

◆ End of year slow down exacerbated by caution ahead of major central bank decisions ◆ Sentiment stays strong albeit some dents after strong US economic data forces changes in rate cut expectations ◆ European banks send RFPs for January issuance

EU Parliament and Council have reached a provisional agreement on EPBD but 'devil is in the details'

Regular issuer targets lower size and lands inside last trade from Pfandbriefbank

Bank spreads are trading very tightly, but are priced for perfection. Any jolt to interest rate expectations will spoil the party

Senior-covered spread ratio hits key threshold, attracting real money

Increase in dollar issuance follows growing fatigue towards euros

Yields and spreads collapse amid ‘desperate buying’

The deal offered exceptional value and was increased then tapped