Covered Bonds

Investors become more cautious as Bund yields hit decade highs

Deals will offer sharply different spreads but both expected to find strong demand

Government proxy EGW landed its 20 year note 2bp through fair value

Spread stability drives interest from new and returning buyers

Investors back off following hectic first weeks of the year for bond issuance

A stable spread outlook bodes well for buyers and sellers

EU bonds pushed wider as five and 10 year syndication expected next

Swiss bank said to want to add further senior traders in coming months

German lender’s spreads expected to tighten thanks to its strong underlying credit quality

Issuer’s choice to go short and play yield curve made deals a great success, even without the European Central Bank’s order

Concessions creeping down as new issue spreads widen

Issuers will need to offer more generous concessions as they return from blackout, despite a stellar start to the year in the primary market as investors recalibrate strategies in search of spread direction