Covered Bonds
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Issuance was packed into the first half of the week ahead of a heavy central bank policy meeting schedule -
European Central Bank's more 'balanced' tone may offer reprieve for bond execution
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Shrinking books 'nothing to complain about' as market values quality not quantity
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Inflation fears and rate volatility keep euro issuance at bay
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Many factors could affect the relative value of covered bonds and SSAs this year
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◆ Issuance plans were disrupted by war in the Middle East ◆ Spread tightened by 4bp ◆ NIBC is going to be acquired by ABN Amro
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◆ Issuer's first in almost a year ◆ Issuer opts for no-grow deal ◆ Investors show greater price despite stronger market on Monday
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◆ British building society landed first 10 year since before the war ◆ Pipeline expected to be slow from now ◆ Investors will watch secondaries for performance says lead
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◆ Canadian issuer filled nearly all its orders ◆ TD got 'fantastic' book ◆ SpareBank 1's first covered deal since August
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◆ Bankers benchmarked trade against recent Canadian deals ◆ Issuer paid ‘couple of basis points” of NIP ◆ Latest in a series of sterling covered deals
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◆ Bankers pleased with first dollar deal in six months ◆ Price discovery was a challenge say bankers ◆ Deal described as more solid than some recent sterling deals
