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Market welcomes the move, but the tone around non-UK covered bonds is set to remain 'cautious'
Duration on the cards for senior funders, with covered bonds set to skew short
Supply expected to skew shorter after recent borrowers opted for the long end
Intraday alll the way as eurozone and non-eurozone covered issuers consider market
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◆ Smaller cover pools suppress funding needs ◆ Issuers consider benchmarks instead ◆ German and Austrian lenders provide bulk of supply -
◆ Prefunding discussions to pick up in the autumn ◆ Elevated spreads are deterring supply ◆ US election will dictate demand
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◆ Average benchmark tenor up from 2023 ◆ Seven years proves popular ◆ Longer dated deals look unlikely
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◆ New issue premiums return to euro covered issuance ◆ Issuers unable to tighten despite wider starting spreads ◆ French covered spreads could tighten
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◆ German banks raced out of the blocks this year ◆ Slower loan book growth to damp supply ◆ Pfandbrief spreads unlikely to tighten
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Pfandbrief lender plans only two weeks of marketing, down from the eight needed by KfW
