Europe
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Even those who had expected a soaring end to the year have doubts after zero issuance so far -
Covered bonds look safe, as investors’ focus turns to capital
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Data centre companies will need to finance the expected vast new infrastructure
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◆ Old Discos no longer attractive capital or funding tool ◆ But multiple AT1s also called with no signs of replacement ◆ UK banks well capitalised
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The Euro Stoxx Banks Index has now recovered most of its losses following Silicon Valley Bank's collapse in March
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BAT, Mercedes-Benz and Daimler Truck head over the Atlantic for dollars
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Already more big deals than last year, but numbers pale against recent averages
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CEE sovereign has already met its needs for this year via January’s dollar bond and a private placement
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Issuance just shy at this point of most recent year with more than €320bn in bond sales
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There has not been a block trade in Unicaja since its IPO in 2017, until now
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◆ Metro operating below MREL and tier one targets ◆ Pricey MREL debt could cause funding headache ◆ Bank reports profit in first half earnings
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UK issuer is latest to use the market to diversify its funding lines
