Covered Bonds
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Pipeline still bottled up but deals could flow once first issuers shake themselves out -
◆ New investors take part in 1.5 day sale ◆ Deal lands flat to peers ◆ Picking the right window 'difficult'
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Deal will be the first in sterling since early March and suggests senses of stability
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Issuers are not under pressure to rush into a volatile market
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Demand up since 'liberation day' as French firms satisfy bid for quality
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◆ Running a bond business in a crisis ◆ Bank issuers find their way back into the bond market ◆ Can frontier emerging market sovereigns fund themselves?
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Market welcomes the move, but the tone around non-UK covered bonds is set to remain 'cautious'
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Duration on the cards for senior funders, with covered bonds set to skew short
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PSHypo’s spreads near unchanged to pre-‘liberation day’ levels
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◆ BPCE attracts biggest book since February ◆ Long five year appeals to wide range of investors ◆ Pick-up paid over secondaries and OATs
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Supply expected to skew shorter after recent borrowers opted for the long end
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When it seems as if it is only short-term survival that matters, the best bankers don’t lose sight of the distant horizon
