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HQLA investors have reallocated away from covered and into SSAs
DekaBank's sub-benchmark success shows investors are there, but issuers are unwilling to follow
Senior funding there for the taking, covered bonds yet to take off — but conditions are great for all
Books bulged in July as investors flocked to the last of the summer deals
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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
