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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
French, German and Dutch banks are forecasted to print a combined benchmark volume of around €75bn, with 2024 looking like another year of positive net supply
Covered bond benchmark issuance in euros had reached €175bn by early November 2023, suggesting the market was on track to reach €185bn for the year — somewhat less than 2022’s record of a little over €200bn. Although gross volumes are expected to decline a little in 2024, they are likely to remain well above average and, in the absence of central bank support, further pressure on spreads is expected.
EU Parliament and Council have reached a provisional agreement on EPBD but 'devil is in the details'
Senior spreads are tight and covered bonds risk widening further
Dutch banks are changing the composition of their green pools
More time needed, but Pfandbriefe cover pools should be safe
One or two deals may happen next week, but it is unlikely
Cost of long dated deals too much for borrowers despite clamour
But rates uncertainty to keep borrowers away from the long end
Index will use levels from PricingDirect
Issuers will be hoping to pre-empt January's likely spread widening
Relieved market enjoys a rally, but weaker names are still out of favour
An OBG repricing may draw demand, especially after budget talks are finalised
Pipeline builds for November as liquidity bottlenecks feared in 2024
A backlog of deals is building and a further repricing is likely
Covered bond issuance is on track to finish 2023 close to last year’s record, but the more uncertain global outlook suggests next year could prove less certain and more difficult to predict than 2023.
The Australian bank's debut deal was perfectly timed and would not have achieved the same result this week
Rates volatility suggests funding windows could be short lived
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Banks could be snared by higher reserve requirements, deposit flight and active quantitative tightening -
◆ Euro FIG supply not expected to restart until Wednesday ◆ Investors are in the driver's seat ◆ Rates uncertainty dampens outlook
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The covered bond market met in Munich on Thursday to celebrate its best at our gala dinner
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German savings bank investors have been lured away
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Liquidity concerns will hamper product's wider adoption
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Canadians to scour different currencies and tenors
