Euro
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Deal announcements fall below expectations but SSA investors remain ‘cool-headed’ -
◆ Deal demand shows covered bonds ability to withstand volatility ◆ No concession needed ◆ French deal lands through OATs
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Washing will reveal its tariffs on April 2 but many expect ambiguity to continue
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AusNet and unrated Lagardère market euro benchmarks
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Covered bonds to benefit from safe haven bids as Trump tariffs dampen unsecured supply
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◆ Deal lands flat to Pfandbriefe ◆ No premium paid ◆ Slim spread gap to SSAs
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Regulators' oversight adds to other stresses for borrowers
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No reason for banks to fear going tighter still
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The gap is closing thanks to covered undersupply but there will be a floor as relative value starts to make little sense
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Successful corporates and FIG bonds belie move to ‘higher volatility regime'
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◆ Pair of deals follow long gap ◆ Eurofins multiple times subscribed despite small size ◆ Stronger market brings riskier deals
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Banks already working on deals in the industrials and chemicals sectors
