Covered Bonds
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Domestic names rush to hit the market ahead of expected volatility next week -
Wider swap spreads provide French covered bonds a buffer against competing SSA levels
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◆ Bund-swap spread hits single digits ◆ Tight levels put pressure on Pfandbrief spreads ◆ Further 'expensive' covered supply unlikely
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◆ Low redemptions led to lower supply in 2024 ◆ Canadian banks could return to refi ◆ Dollar supply to more than double in 2025
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◆ Deal hits size and price targets ◆ Starting spread catches investors' attention ◆ Small pick up offered over OATs
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◆ French govvie performance to support sentiment ◆ Recent French covered bonds spotted tighter ◆ Fair value considerations revealed
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Want to reform the GSEs and create a US covered bond market? You're hired
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Abnormal trend expected to continue posing question for FIG treasury officials
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Investors would rather buy SSAs than covereds, say bankers
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Market participants are invited to give their views on the outlook for covered bonds next year
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◆ Rarity, tenor and size fuel demand ◆ Big book and dozen dealers make allocations tricky ◆ Next to nothing paid in premium
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◆ Issuer avoids pushing already tight deal too tight ◆ Single digit premium paid ◆ Green German supply ahead of 2023 year to date
