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Borrowing in euros inevitable as CEE firms look to become 'larger, more regular issuers'
French covered bonds, southern European senior and tier two paper among the deals expected
Issuers expected to squeeze in before tariff volatility returns and summer holidays start
Investor sensitivity means lower spread moves and smaller book cover levels
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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
