Covered Bonds
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◆ 10 year 'surprise' reopens euro covered market ◆ Concession needed to seal the deal ◆ Trade lands through OATs -
Loss of LCR eligibility could hit sterling covered demand, but issuers expected still to come
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SSA market most bullish but some in credit, emerging and equity markets still unconvinced anything has changed despite 90 day tariff reprieve
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Recent Länder trades shed some light on primary market for covered bonds
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A covered bond deal a possibility and spreads recover slightly but little incentive for most deals after 'wild' morning
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Supply could quickly resume if conditions stabilise
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FIG issuance plans for next week in doubt after Friday 'meltdown'
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◆ How US tariffs will affect bond issuers in the medium and long term◆ Liberation Day: your funniest quotes ◆ A funding update from KfW's head of capital markets, Petra Wehlert
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FIG and EM cover ratios fall while other markets rise
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Trading activity and primary performance show covered bond robustness
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◆ Finnish deal delivers size ◆ Trade already spotted tighter in secondary ◆ Finnish supply lagging 2024 year to date
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◆ Shorter deal proves more popular ◆ Both tranches price near the same Bund spread ◆ Small pick up to Länder offered
