Covered Bonds
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Another big week of issuance but no sign of investor strain -
The bond was priced flat to Westpac with unusual co-lead demand
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Spreads in the asset class are expected to drift wider well into next year
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- Will the Santa rally in bonds last until Christmas? - How much bond issuance will TLTRO repayments drive? - Ithaca Energy: autopsy of an IPO
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All eyes are fixed on November early repayment data for clues about bond volumes
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Converging funding costs to euros will revive dollars further
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High repayment of ECB funding will suggest elevated covered bond issuance to come
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The European Union’s syndication was priced cheaply in a receptive market
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Curve inversion makes fives problematic for issuers outside Europe
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The deal was priced flat to Barclays’ recent new issue but was double the size
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Issuers made the most of pent-up demand in what may be the final flurry of new issuance for the year
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More popular short dated trades helped propel annual covered bond issuance in single currency to new high
