Covered Bonds

Sizeable euro funding to supplement domestic deals across the Nordic region as Swedish domestic advantage ebbs

End of ECB bond buying will 'level the playing field' for non-euro names

Bank credit spreads hold firm despite the ECB's aggressive tightening complicating FIG issuance next year

Aggressive withdrawal of central bank support set to reprice sovereign and covered bonds in 2023

After ESG share of total bond issuance fell this year, labelled funding is expected to spike across all FIG asset classes in 2023

Strong domestic demand to support spreads despite shrinking ECB support

More debut issuers are expected in 2023, but the Ukraine war could deter buyers

The elevated levels long end deals need might deter some issuers

After years or low issuance volumes, covered bonds had a stellar 2022. But although the year’s performance has left the market in an optimistic mood overall, the war in Ukraine, inflation, recession and falling house prices mean few participants are taking 2023 for granted, as our covered bond market survey shows. By Bill Thornhill.

Cheaper covered deals to make way for pricier regulatory paper

The impact may not be felt until April, pointing to a busy first quarter for issuance

Niche currencies attract more interest, as banks diversify their funding sources