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Akademiska Hus and Pfandbriefzentrale look for funding in Swiss francs
Six covered bonds were issued in three days this week but there is uncertainty over the pipeline from here
◆ Aussie lender places second covered in a week ◆ Order book passed €4bn by late morning ◆ Bankers saw 36bp at or just inside fair value
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Deal reviews
Akademiska Hus and Pfandbriefzentrale look for funding in Swiss francs
◆ Deal size matches bumper Scotia sale ◆ Sterling shows no signs of slowing, say bankers ◆ NAB previously tapped dollars and euros this year
◆ Bookrunners keen to test boundaries with pricing ◆ Strong order book attracts high proportion of real money investors ◆ Trade tightened by 6bp
◆ French lender amasses huge €4.5bn book ◆ CFF prices only slightly wider than OATs ◆ Strong conditions could attract prefunding trades
Opinion
◆ Why buy bonds when spreads are so tight ◆ Using tech to unearth new economic signals ◆ Playing the shifting relative value pitch
Diversifying demand... coming inside euros... landing flat to dollars... the UK market looks tasty
Why remembrance of things past will soon include the traditional relationship between French covered and sovereign bonds
The UK will do better with tactical retreats on regulation than risking being outflanked by the US's wildcat banking regime
Analysis
Strong demand for slim supply could tempt issuers to access the market before Christmas
No investors involved in Caffil's latest deal mentioned concerns over French risk
Issuers' desire to put covered pre-funding to one side suggests concerns over bumps ahead
Absence of new bonds to help secondary spreads grind tighter
More articles
More articles
More from covered bonds
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◆ Interest rate expectations power demand for higher yielding bonds, duration in covereds ◆ Synthetic indices tighten to fresh 12-month low ◆ Market in rude health for January issuance -
Spreads have been resilient as S&P says limited impact on covered bond programmes from Austrian property company's default
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◆ ECB repayments to influence banks’ covered and SP issuance ◆ But TLTRO repayments less important than this year ◆ Large pre-funding could mean lighter January supply
