Covered Bonds
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Sluggish orders for the €500m note limited price traction -
Smaller rate rise may see earlier start to quantitative tightening
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Good news about European inflation led buyers to welcome issuers’ €1bn offers
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A tap of a 6.5 year note proves popular as investors look for tenors beyond three years
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Covered bond issuance slows as issuers focus on January
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Nordea has issued green deals from all four Nordic subsidiaries
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Building society also paid a healthy premium to buy back three RMBS
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Reducing duration was more important than bond selection in outperforming the index
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Last week’s bonds from the European Union have performed well, boding well for next week’s auction and another syndication in the following week
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Another big week of issuance but no sign of investor strain
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The bond was priced flat to Westpac with unusual co-lead demand
