Covered Bonds
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Syndicate hopes to deliver Lloyds diversification at a saving -
Singaporean bank captures large orders amid scarcity of Aussie supply, with more foreign lenders to follow
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Covered bonds look safe, as investors’ focus turns to capital
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Investors’ need for duration adjustment drives long dated print to double digit negative spread
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◆ Offshore banks eye August and September window ◆ Aussie dollar pricing comparable to euro curves for some
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ECBC’s Bertalot says its initiatives should smooth the path of discovery
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Pension funds and insurers poised to return, says asset manager
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Opportunistic covered deals unearth demand at the very short end
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Tight overall covered bond spreads mean that new issue premiums appear elevated, despite lower levels
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◆ Size and execution the main attractions of dollars, but it costs more ◆ Well progressed UK banks weigh taking a chip off the table ◆ Dollar covered bonds unlikely
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Banks cannot rely on deposit growth
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Covered bonds will be integral and volumes may exceed expectations
