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Wider swap spreads provide French covered bonds a buffer against competing SSA levels
◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely
◆ Low redemptions led to lower supply in 2024 ◆ Canadian banks could return to refi ◆ Dollar supply to more than double in 2025
Data
Sub-sections
Sub-sections
Deal reviews
◆ Deal hits size and price targets ◆ Starting spread catches investors' attention ◆ Small pick up offered over OATs
◆ Rarity, tenor and size fuel demand ◆ Big book and dozen dealers make allocations tricky ◆ Next to nothing paid in premium
◆ Issuer avoids pushing already tight deal too tight ◆ Single digit premium paid ◆ Green German supply ahead of 2023 year to date
◆ €500m no-grow deal over three times covered ◆ Only 1bp premium paid ◆ Deal finishes CFF's funding for the year
Opinion
Want to reform the GSEs and create a US covered bond market? You're hired
The rise of compliance culture and tech have created an atmosphere of mistrust
◆ Iconic NYC spot powers CMBS revival ◆ Gilt market braces for Labour Budget ◆ Banks plan bonds for November undaunted by US election
How investment banks profit when clients can’t shop around, and why their clients should be grateful
Analysis
Wider swap spreads provide French covered bonds a buffer against competing SSA levels
◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely
◆ Low redemptions led to lower supply in 2024 ◆ Canadian banks could return to refi ◆ Dollar supply to more than double in 2025
Abnormal trend expected to continue posing question for FIG treasury officials
More articles
More articles
More from covered bonds
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Investors would rather buy SSAs than covereds, say bankers -
Market participants are invited to give their views on the outlook for covered bonds next year
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◆ Final books not disclosed ◆ Small premium paid for tight trade ◆ Some investors face line limits
