Covered Bonds
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Central banks will turn dovish, but timing when is a mug's game -
Tap sold to a single investor one day after the original syndication attracted almost 90 interested accounts
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Issuance to slow as borrowers face higher premiums on longer tenors
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Euro paper was slow to build, but Swiss francs note flies off the shelf
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Orders came in when the spread was set in line with initial guidance
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Fast money covered shorts following heavy selling two weeks ago
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Shorter deals from NordLB and KBC fared better than Baca’s 2029 note
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Two deals demonstrated ample demand for covered bonds across the maturity curve
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With covered bond new issue premiums in decline, French banks issued short and long dated tranches as more issuers prepare to print
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French issuer prints with 2bp-3bp NIP amid strong FIG primary market
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Pricing not too hot, not too cold but just tight as deals across capital structure land close to, or even through, fair value
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Markets are rarely this good. The smallest and weakest credits should get on with their funding
