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Deal reviews
Demand for domestic covered bonds drives strong outcomes for issuers
Reopening landed just 0.5bp back of secondary levels
More than €10.5bn of orders placed for quartet of covered deals on Thursday
Investors hungry for exposure to long end of curve are finally fed
Secondary market
Yields and spreads collapse amid ‘desperate buying’
Sticky wage growth and higher net supply may then hit sentiment
EU expected to syndicate a green bond
Inventories to be pared down as end of year approaches
Opinion
Why lock in a high spread just because primary conditions are stellar?
Investors are hungry for higher yielding FIG bonds
◆ Records smashed in primary markets but what's driving it? ◆ Why order books are so swollen ◆ Rampant demand but companies want to cut hybrid debt
Returning investors to the asset class are playing the spread between different varieties of bank bonds, giving issuers something to think about and swelling their order books
Analysis
More credence should be placed on recent deals as secondary curves trade wide of new issues
Non-eurozone deals are attracting big books and tight pricing
Although investors want sterling risk, issuers are not queueing up to issue
Although demand could support a 15 year deal, issuers are reluctant to lock in higher spreads
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