Covered Bonds

Covered bond issuance is on track to finish 2023 close to last year’s record, but the more uncertain global outlook suggests next year could prove less certain and more difficult to predict than 2023.

The ‘perfect name in the right asset class and tenor’

Rates volatility is dampening sentiment, with higher Bund yields causing a compression in their spread to swaps, effectively making rates products more expensive to core European government bonds.

Stadtsparkasse München to test demand for five year Pfandbrief

The ground breaking deal sent a green light to other UK issuers

The spread was closely calibrated to ensure critical domestic demand

Deal becomes the most subscribed German covered bond for two months

Santander makes case for G-Sib issuance but bankers insist minnows can price unsecured too

Achmea and SMTB lacked traction as issuers left to mull cooling sentiment

Novelty and high quality asset pool fueled demand for the bumper print

Demand was less than the previous French duo, but compelling for the larger deal size

The EU's deals may perform further, but not for long, believe traders