Covered Bonds
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The Canadian bank has issued covered bonds across four currencies in two weeks -
TD has followed CBA into dollars, TSB plans a sterling deal
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SSA funding is advanced but rates volatility and QT fears are still in play
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Landesbank Berlin's Pfandbrief was not received as well
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Issuers pay higher concessions as frequency of deals gives investors upper hand
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Liquidity concerns will hamper product's wider adoption
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Canadians to scour different currencies and tenors
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A modest widening in the short end is not likely to pose a problem
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EU may cut its supply forecast again
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Canadian issuer prices the largest covered FRN and first since 2018, as well as the longest rate fixed deal since June
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The issuer’s long absence and competition with TD was unhelpful
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Plotting market turning points is often prone to false starts
