European Union
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Canadian issuers and investors like the idea of cheaper access to Europe's covered bond market but their European peers are less enthused about Canada -
Reforms should focus on banks' access to liquidity, not capital
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Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
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State-owned bank Spuerkeess has not indicated when it will issue its first bond
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Comments from regulators welcomed by ECBC head
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Highly anticipated report did not mention future role of AT1 capital
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◆ 'Tremendous books' for bloc's first H2 syndication ◆ First of 10 operations to raise €80bn by December ◆ NIP judged to be less than 2bp
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Bloc to price new five year and 20 year tap as Rome set to end dollar hiatus
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Smaller orders, missing hedge fund bids as market exits ‘white-hot’ phase and soon to switch to holiday mode
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All as expected by the market, but lack of more details regarding bill issuance somewhat disappoints
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Large auctions, new 30 year and ‘two-lens' pricing approach among key expectations for bloc’s July-December funding
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◆ Last syndication of H1 was 20 times covered ◆ Book was comparable in size to January’s ◆ Smaller deal than some expected, H2 funding plan moves into focus
