Nykredit Realkredit kicked off autumn refinancing auctions in Denmark today (Thursday), with “extraordinarily high” interest coming in for its offering of one year ARM bonds, according to an official at the issuer, although an analyst said the outcome was not surprising.

Canadian supply took centre-stage in the FIG flow market in the second half of July, delaying a summer slowdown that is showing signs of settling in after a Eu1bn five year covered bond for Canadian Imperial Bank of Commerce yesterday (Thursday), although the market is said to be in good shape.

In euros more than a week has passed without any new benchmark covered bond supply, and more than two since the last senior unsecured deal, as fears that the end of quantitative easing is nigh contributed to a sell-off across markets.