Covered Bonds

◆ Dutch bank scoops €1.5bn with three year deal ◆ Demand allows for tight pricing ◆ Next to no premium needed

◆ Book holds together despite strong spread revision ◆ No concession needed for popular print ◆ Investors find safe haven in covered bonds

◆ Deal demand shows covered bonds ability to withstand volatility ◆ No concession needed ◆ French deal lands through OATs

Covered bonds to benefit from safe haven bids as Trump tariffs dampen unsecured supply

As bank chiefs push for a full-time return to the office, it raises the question of whether this is about productivity, or is it a retreat to the old habit of equating presence with performance?

◆ 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

No reason for banks to fear going tighter still

The gap is closing thanks to covered undersupply but there will be a floor as relative value starts to make little sense

Bankers hope for April showers after quiet end to March

Higher sovereign rates are here to stay, but borrowers can cope

◆ Swedish issuer starts tight ◆ Deal lands close to recent SSA supply ◆ Seven year tenor offers investors something different