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Unsecured issuance absence in euros and sterling resembles past market shock closures, but broader markets remains open
Both deals were executed within a week, despite a heavy pipeline
◆ Three companies push through single tranche deals ◆ Vestas takes the biggest book of the trio ◆ Issuers cough up extra concessions
Data
European banks’ absence from primary market is ‘different this time’
Bank issuance expected to resume next week in euros after corporates, dollar market lead
Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
Nykredit blasts through 300bp barrier, pushing investors up the capital stack
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Enslaved by interest rate volatility, we are all rates traders now -
Four banks squeezed $12.5bn of funding into Wednesday's window
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Lender is the first to mix soft and hard assets in growing market
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Underlying concerns among investors and issuers about covered bonds force them to the sidelines
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◆ Canadian bank last issued covered paper in January ◆ Lead managers picked only one comp ◆ BNS has large covered redeeming on Monday
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Both deals took two weeks to execute due to ABS market closure
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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