Euro
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Recent Länder trades shed some light on primary market for covered bonds -
◆ Second German state braves this week's volatility ◆ 2bp NIP is ‘fair enough’ for Länder ◆ ‘Important to keep market open’ and encourage others, say bankers
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Markets roil as investors try to decipher if issuance will bounce back or slowly return
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'Not much supply in immediate future' as volatility cripples issuance
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◆ Issuer steps on the accelerator to price fast ◆ ‘Lengthy’ discussion and ‘a lot of thought’ given to timing, pricing strategy ◆ Higher NIP and limited tightening encourage investors
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Banks could get stuck with large exposures they cannot offload
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Rates investors show they’re still keen, sparking hopes credit buyers are too
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IG lending fees tipped to stay tight despite some leveraged loans being postponed
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A covered bond deal a possibility and spreads recover slightly but little incentive for most deals after 'wild' morning
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Bloc to test investor sentiment in primary as financial markets struggle to digest US tariffs
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Supply could quickly resume if conditions stabilise
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As markets gap wider, the ability to get a deal done at all is commendable
