Deutsche Bank scored a blowout book with its first euro additional tier one since 2014 this week, as investors rewarded the issuer for progress on its turnaround plan. Banco Santander then gave the asset class another shake, with a deal split across euros and dollars.
Bank of Ireland and Westpac found strong demand for debut green tier two deals this week, as investors flock to this growing segment of the ESG market in search of higher returns.
Erste Group Bank found success when it paired a sustainable label with the senior preferred format on Friday, attracting a high quality granular order book despite pricing several basis points through fair value.
European banks began to access the dollar market this week following first quarter earnings, while JP Morgan stole the show on Wednesday with a record low coupon for a preferred note.
Green covered bonds no longer have to be reinvented in the face of rising sustainability-linked issuance because banks are now safe in the knowledge that they comply with the EU’s Taxonomy of Sustainable Activities.
Barclays' first senior euro deal for more than a year has allayed any fears over British risk as the borrower raised €2bn on Wednesday. The bank was joined in the senior market by another rare name, Kommunalkredit Austria.
DNB Boligkreditt and Sparebank 1 Boligkreditt (Spabol) issued deals flat to their curves with strong demand this week, while Bawag brought the first Austrian transaction through mid-swaps in almost three years.
Banque Internationale à Luxembourg issued its first tier two capital bond for almost five years this week, opting for a private sale.
UBS has revamped its management of sustainability and appointed Michael Baldinger as chief sustainability officer. Last month it named Suni Harford, president of UBS Asset Management, as group executive board sponsor for sustainability and impact.
Erste Group Bank found success when it paired a sustainable label with the senior preferred format on Friday, attracting a high quality granular order book despite pricing several basis points through fair value.
KB Kookmin Card raised $300m from its debut in the offshore dollar bond market this week, using a sustainability-labelled deal to add further momentum to the asset class.
Green covered bonds no longer have to be reinvented in the face of rising sustainability-linked issuance because banks are now safe in the knowledge that they comply with the EU’s Taxonomy of Sustainable Activities.
Sustainability-linked bonds are the hot capital markets product of 2021, and are developing so fast that even specialists in the field find it hard to keep up with the pace. The market has benefited from the very early definition of guiding principles last year but, writes Jon Hay, big questions remain about what the instrument is for and how it should be governed.
European banks began to access the dollar market this week following first quarter earnings, while JP Morgan stole the show on Wednesday with a record low coupon for a preferred note.
Barclays' first senior euro deal for more than a year has allayed any fears over British risk as the borrower raised €2bn on Wednesday. The bank was joined in the senior market by another rare name, Kommunalkredit Austria.
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.
The European Commission is set to put forward a new solution to the intense battle over the EU's sustainable finance Taxonomy, between green finance supporters and EU member states that want to safeguard their plans to use gas, GlobalCapital has learned.
Banque Internationale à Luxembourg issued its first tier two capital bond for almost five years this week, opting for a private sale.
Erste Group Bank found success when it paired a sustainable label with the senior preferred format on Friday, attracting a high quality granular order book despite pricing several basis points through fair value.
Green covered bonds no longer have to be reinvented in the face of rising sustainability-linked issuance because banks are now safe in the knowledge that they comply with the EU’s Taxonomy of Sustainable Activities.
UBS has revamped its management of sustainability and appointed Michael Baldinger as chief sustainability officer.
Banque Internationale à Luxembourg issued its first tier two capital bond for almost five years this week, opting for a private sale.
NatWest Group recorded a loss at its investment bank on Thursday, after climbing down from the dizzying heights of last year’s first quarter profits. The weaker numbers weighed on the performance of the group, but the bank still managed to breeze past market expectations.
The Basel Committee on Banking Supervision (BCBS) will need to see more evidence that its capital reforms restrict “buffer usability” and have “(pro)cyclical” impacts before it recommends any changes to the framework.
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.
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.
.png){kind=logo}
GC Asia
