Covered Bonds
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Lender prepares four year covered bond deal as funding conditions appear to ease for Italy and its banks -
Issuer raises £1bn from a three year covered bond, the third in the currency since Nationwide and Skipton issued longer deals
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Relieved market enjoys a rally, but weaker names are still out of favour
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An OBG repricing may draw demand, especially after budget talks are finalised
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Pipeline builds for November as liquidity bottlenecks feared in 2024
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The EU must issue more 10 years if it wants a futures market
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The European banks have slightly boosted confidence hurt by Fortis Bank's Friday flop
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Core and semi-core eurozone issuers are spying a chance to push ahead with funding after low volumes in September and October
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Deal just subscribed as issuer trades on scarcity to prioritise size but some think it could impact pipeline
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A backlog of deals is building and a further repricing is likely
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US banks may find a willing audience in euros but that will add to complications for European issuers as they look to start early on 2024 funding
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Asset-liability management exercises may become more popular as investor credit lines fill
