Berlin Hyp has this week become the first financial institution to issue a sustainability-linked bond. Market participants were divided over whether the structure helped the issuer to achieve better deal terms, but the innovative trade will give other banks an important example to follow.
Rabobank sold the first euro additional tier one (AT1) note in almost six weeks on Tuesday, paying only a small premium to print its €750m deal.
Bank of Cyprus has picked banks to arrange the refinancing of some of its subordinated operating company debt with a new tier two, which it will issue at a holding company level.
DZ Hyp raised €1bn of eight year covered bond funding flat to its curve on Tuesday in what bankers called a ‘textbook execution’. Meanwhile, NIBC Bank has mandated leads for a 10 year conditional pass through covered bond.
An unforeseen sell-off in government bonds on April 9 left many market participants scratching their heads as to why it happened, but the primary market has showed no apprehension in the week leading up to it or since. In fact, April's first week saw the highest average subscription ratios since January 2019. And this week, Primary Market Monitor brings you data from the FIG bond market for the first time.
Santander has lost a covered bond trader to Barclays, which itself is in the market for a covered bond analyst after losing two recently.
Although UK covered bonds are trading at their tightest levels for the last year, they still offer a decent pick-up versus some international peers. With the UK’s vaccine rollout and growth expectations showing promise, spreads may well tighten. But there is a lack of fresh supply. Some is needed to improve price discovery and catalyse performance.
Fears around the health of China Huarong Asset Management Co have spooked investors this week and taken a toll on Asia’s bond market. The bad debt manager’s dollar bonds have tumbled, bringing new issuance from China to a near halt and putting pressure on other state-linked credits in the secondary market.
Berlin Hyp has this week become the first financial institution to issue a sustainability-linked bond. Market participants were divided over whether the structure helped the issuer to achieve better deal terms, but the innovative trade will give other banks an important example to follow.
Rabobank sold the first euro additional tier one (AT1) note in almost six weeks on Tuesday, paying only a small premium to print its €750m deal.
Bank of Cyprus has picked banks to arrange the refinancing of some of its subordinated operating company debt with a new tier two, which it will issue at a holding company level.
DZ Hyp raised €1bn of eight year covered bond funding flat to its curve on Tuesday in what bankers called a ‘textbook execution’. Meanwhile, NIBC Bank has mandated leads for a 10 year conditional pass through covered bond.
An unforeseen sell-off in government bonds on April 9 left many market participants scratching their heads as to why it happened, but the primary market has showed no apprehension in the week leading up to it or since. In fact, April's first week saw the highest average subscription ratios since January 2019. And this week, Primary Market Monitor brings you data from the FIG bond market for the first time.
Santander has lost a covered bond trader to Barclays, which itself is in the market for a covered bond analyst after losing two recently.
GlobalCapital today launches the poll to determine our Bond Awards 2021, to commend the outstanding achievements in an exceptionally busy time for capital markets, and we invite you to vote.
After the global eruption of the coronavirus pandemic, issuers such as governments, central banks and companies have been prompted to create new strategies to tackle the negative effects.
Berlin Hyp will become the first bank to issue a sustainability-linked bond (SLB), after it announced plans on Friday for a deal with a coupon that will step up if the issuer fails reduce the carbon intensity of its loan book by 40% over the next 10 years.
Rabobank sold the first euro additional tier one (AT1) note in almost six weeks on Tuesday, paying only a small premium to print its €750m deal.
Fears around the health of China Huarong Asset Management Co have spooked investors this week and taken a toll on Asia’s bond market.
Although UK covered bonds are trading at their tightest levels for the last year, they still offer a decent pick-up versus some international peers.
Santander has lost a covered bond trader to Barclays, which itself is in the market for a covered bond analyst after losing two recently.
Deutsche Telekom dialled in to the Aussie dollar market after an almost two year absence this week, extending its curve to 2041.
The thinking that the additional tier one (AT1) market should go back to trading through its pre-pandemic valuations holds big risks.
The EU Commission is rushing to untangle legislation that would have stopped EU investors from buying Australian securitizations or covered bonds, after the country ended up on the EU’s list of non-cooperative tax jurisdictions.
Italy’s NPL collections have begun edging back to normality, with December’s collections 71% higher than those in November. The latest collection figures are the highest since the pandemic began.
Bank bond spreads widened on the back of negative sentiment this week, but a handful of lenders were still able to take advantage of a constructive backdrop in the new issue market.
Credit Suisse gave investors a rare chance to pick up both fixed and floating rate senior bonds on Monday. The dual tranche deal was met with healthy demand, despite progressing more slowly than expected.
Bank capital has gone back under the microscope during the coronavirus pandemic, with policymakers asking themselves whether the Basel III rules can work as intended. Tyler Davies reports.
The Finnish financial sector wants to put the brakes on new measures aimed at completing the Banking Union, arguing that EU member states should move back into a clearly defined process of risk reduction.
Asia-based Impact Investment Exchange (IIX) has raised $27.7m from a women's livelihood bond that was linked to the Covid-19 pandemic. Its chief executive and founder explains the deal’s rationale to GlobalCapital Asia.
Société Générale took advantage of superlative conditions in the US dollar market at the start of the week, raising $2bn of funding with a tightly priced deal in non-preferred senior format.
Industrial Bank Co has locked up more than $800m-equivalent from an international bond sale earmarked for green and social projects.
Go to GlobalCapital's FIG data pages for league tables and all of the latest information on priced deals, including covered bonds.
View FIG DataEuropean banks could be set for a wave of calls and tenders on legacy debt instruments, after the European Banking Authority demanded a clean-up this week. Action may not be immediate, however, with markets still seeking clarity on a number of key issues.
Markets rejoiced this week after the Bank of England proposed policy changes that will make it harder for UK lenders to run into automatic restrictions on their additional tier one coupons and equity dividends. The move was seen as a way of addressing concern about ‘buffer usability’, which has come to the fore during the Covid-19 pandemic.
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