Covered Bonds
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◆ Farewell, KommuneKredit ◆ Covered bonds advance on SSAs’ territory ◆ Ivory Coast makes funding breakthrough ◆ Romania’s risks -
◆ Deal lands flat to Pfandbriefe ◆ No premium paid ◆ Slim spread gap to SSAs
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No reason for banks to fear going tighter still
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The gap is closing thanks to covered undersupply but there will be a floor as relative value starts to make little sense
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Bankers hope for April showers after quiet end to March
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Higher sovereign rates are here to stay, but borrowers can cope
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◆ Swedish issuer starts tight ◆ Deal lands close to recent SSA supply ◆ Seven year tenor offers investors something different
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◆ Note lands close to national champion ◆ Issuer targeted price over size ◆ Deal shows Fridays are an open window
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Issuer plans regular voyages to euro covered market
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◆ Investors flock to tightly priced trade ◆ Next to no premium paid ◆ Sparebanken Vest is still to come
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Investors showing a preference for rarer names and jurisdictions
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◆ Both deals almost four times covered ◆ Pair tightened by 7bp ◆ Next to no premium paid for either bond
