Europe

The European Covered Bond Council (ECBC) has updated and enhanced its Harmonised Transparency Template (HTT). The addition of two new currencies implies scope for more covered bond issuers, potentially from a new jurisdiction.

Though neither DNB Bank nor Länsförsäkringar Bank (LF Bank) were flooded with orders for new five year senior bonds on Tuesday, the Nordic pair were able to place their deals in the market comfortably.

Prudential plc on Tuesday announced plans to issue three tranches of long dated subordinated debt as it prepares to spin off M&G Prudential. The notes are set to feature a clause allowing the financial institution to transfer them to the proposed new holding company for its UK and European business.

BBVA was offering a healthy new issue premium to get the ball rolling on its latest sale of additional tier one capital, but the Spanish issuer was able to swing pricing tighter after investors shrugged off its Turkish exposures and flocked into the order book.

Clydesdale was set to walk away with £500m of eight year non-call seven year debt this week, after its second sale of senior bonds out of its holding company.

Sumitomo Mitsui Trust Bank brought its debut euro deal to the market on Tuesday as it looked to diversify its funding, racking up more than €2.3bn of demand.

Korian, the French operator of care homes for the elderly, has raised €60m via a tap of the popular €240m perpetual hybrid convertible bond it issued in June 2017.

Japanese issuers are not frequently seen in the European corporate bond markets, but this week could have two companies going head to head with benchmark euro transactions. Japan Tobacco will sell its first new issues in Europe, while Toyota is better known to investors on the continent.

HSBC Holdings took advantage of an open window for issuance in the Singapore dollar bond market, raising S$750m ($546m) from a Basel III-compliant additional tier one deal on Monday. But potential issuers still looking to tap the currency may need to adjust their expectations.

The distribution of the votes for the 2018 Covered Bond Awards.

The African Development Bank has become the first supranational bank to use a securitization sold to private investors to free up balance sheet capacity. The deal, four years in the making, demonstrates a new technique that could expand development banks’ firepower to promote development.

The African Development Bank’s $1bn synthetic securitization is not its first risk transfer transaction, and will not be its last. The bank has marked itself out as a leader in this sphere, though the effort to get such techniques to work is also highly collaborative.