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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
Bankers hope for April showers after quiet end to March
Investors showing a preference for rarer names and jurisdictions
Investors are hungry for any paper offering more than 3%
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Covered market looks to returning SSA issuance for clarity over swap spread moves -
Historic spread shift smacks valuations after German government falls apart. Market at 'most critical moment in 20 years'
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German political instability push Bunds yields up, reducing prospects of a covered bond revival
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Investors likely to shun covered bonds for similarly priced — but better treated — SSA deals
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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
