Nordic US dollar denominated covered bond issuance emerged in the middle of the crisis (Q4 2010) because of strong investor interest in diversifying risk through non-euro/non-eurozone assets, writes Nicolas Poli, Global Head of Covered Bond & SSA Trading at CA-CIB. Last year saw the pick of Nordic supply, with six new syndicated dollar benchmark transactions.

Nordic banks’ US dollar-denominated senior unsecured benchmarks have performed quite well so far this year and now seem to have won a status of “safe haven” in the Yankee universe, writes Jean-Marc Perrin, Head of US IG Credit Trading at CA-CIB.

We have been calculating our covered bond market sentiment index 11 times since early 2011. In this period it has become a very useful tool to monitor investor sentiment across Europe and get a feeling for what issuers as well as investors are thinking about different markets. Florian Eichert, Senior Covered Bond Analyst, CA-CIB, investigates.

With a majority of European banks having reported second quarter results including the six major Nordic banks — Nordea, Danske Bank, Handelsbanken, Swedbank, SEB and DNB — the divergence between regions are apparent. The results from the Nordic banks surpass market expectations in general, while many continental European peers appear to struggle, writes Mats Anderson,
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