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◆ Swiss finance minister suggests $10bn-$25bn additional capital for the single largest bank ◆ Equivalent to increase of 20-30% CET1 ◆ Changes 'broadly positive' for bondholders, but AT1 spreads could face pressure
Sparkasse Bremen garners surprising demand thanks to 'thin pipeline'
◆ Global markets search for clues on how long before US rates are cut ◆ Fed path deemed more important than Middle East conflict in dictating primary market tone ◆ Pipeline across capital stack once clarity emerges
Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
Investors have swarmed to FIG FRNs despite looming interest rate cuts
Flurry of issuance satisfies parched investors and raises hopes for more across the capital structure
New factors suggest bank bond issuers will find even better funding market if they wait until after Easter
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Deal offered investors a rare chance to pick up conditional pass-through paper -
Canadian lender looks to narrow its spread to larger peers
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Other Pfandbrief deals to follow LBBW's 'solid' trade
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A large drop in orders was not a surprise as CFF cranked the spread in
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◆ Santander paid 10bp-15bp new issue premium ◆ Lead says paid up more because of market uncertainty ◆ Some bankers argue Middle East conflict 'had no impact on pricing and execution'
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World's oldest bank to offer a pick-up to recent Italian deals
Polls and awards
The covered bond market met in Munich on Thursday to celebrate its best at our gala dinner
GlobalCapital hosted the 2023 Bond Awards on Wednesday night, gathering together the market’s best and brightest across treasury teams, investment banks, investors, rating agencies, law firms and tech providers.
The best banks, issuers, platform providers and deals of 2023 will be announced at a gala industry dinner in Munich on September 14
Polling for GlobalCapital's Covered Bond Awards 2021 closes at 5:30pm London time on Monday, August 16, so please be sure to cast your firm’s vote if you haven’t already done so. Preliminary data shows that the frontrunners for many awards are in close contention, so every vote stands to make a huge difference.
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