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Luxembourg market draws closer to extinction
Covered's tight spread to senior unsecured is a bigger problem for supply than France's politics
Higher issuance and redemption volumes expected to put pressure on covered bonds next year
Banks enjoyed a strong start to their 2024 euro funding, securing much needed duration without having to pay eye-watering premiums. But conditions worsened and issuers slunk back down the curve as elections dictated market sentiment, writes Frank Jackman
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SSA bond spreads widened dramatically against swaps in the latter part of 2024 and market participants are fearful that this will exert pressure on covered bond issuers next year. But on a positive note, several first-time issuers are anticipated to light up the market, writes Frank Jackman -
€19bn of Cédulas will mature next year — but not all will be refinanced
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CEE covered bonds are at historic tights over core Europe
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Mortgage reforms that will support Canadian covered demand are coming soon
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Bund-swap moves will put tight Nordic spreads under pressure next year
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One large borrower that did not issue this year may return to the market
