Weekly Covers
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◆ Spread fixed early at 53bp over Sofr ◆ Priced in line with ANZ’s dollar trade on Monday ◆ BMO has been a pioneer in covered issuance this year -
Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
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Issuance was packed into the first half of the week ahead of a heavy central bank policy meeting schedule
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A slow destruction of misallocated investment is more likely than a sudden stop
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Defaulting to dollars in volatile times denies the euro market the resilience it needs
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Two day executions expose dollar issuers to market volatility
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Investors confident software fears are overblown
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Higher yielding bank capital remains popular in dollars as HSBC stretches out to a 10 year non-call period
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European Central Bank's more 'balanced' tone may offer reprieve for bond execution
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Bonds of energy importers have sold off, but investors convinced fundamentals are still strong
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The US dollar market buoyant this week despite escalating hostilities in the Middle East
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Middle East conflict alarms investors, though money is still plentiful
