European Union
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Highly anticipated report did not mention future role of AT1 capital -
◆ '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
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◆ Issuer maintains predictable approach with new deal ◆ The most oversubscribed EU syndication in 2026 yet ◆ Two more bonds priced off own curve, but it's still 'not a rule'
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Belgium and two European agencies also mandated, even as the US and Iran failed to reach a peace deal
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‘Whole curve open’ for SSA issuers but seven year point stands out as ‘interesting’ spot amid euro curve shape shift
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Market participants have questioned if the differential in the risk-weightings between securitized and covered assets will affect demand for covered bonds
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The European Covered Bond Council plans to submit its report on the proposed reforms to the European Commission
