Covered Bonds
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Korean issuer's deal was widest of week but did not set investor hearts aflame given pricing constraints -
Japanese issuer offers higher spread and yield due to contractual structure of its deal
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Wednesday’s deals were 'copycats' of those from peers the day before
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Structured covered bond will offer far higher spread than recent deals from Australia, Canada and Europe
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Non-European deals stay defensive in the short end, but Stadshypotek shows there is demand at five years
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Covered bonds to dominate issuance as spreads tighten, as senior deals require broader stability
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Elevated premium needed as Canadian bank's reopener opts for size over price
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Concerns remain but elevated spreads and higher new issue concessions should entice investors back to the fray
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Snap back of risk appetite has driven up Bund yields, squashing the spread to swaps
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Thoughts turn to how much premium is needed to re-open bank financing market, with concessions of up to 50bp quoted
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Issuers in several countries are making enquiries about offering three year deals
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Aggressive widening of bank bond spreads has halted FIG bond issuance of all kinds in Europe
