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Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Reforms should focus on banks' access to liquidity, not capital
Large and small US banks add perpetual capital to their funding mix amid tight spreads
Data
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
Banks are well advanced with funding, but spreads could encourage pre-funding of subordinated capital
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◆ RBC to follow compatriot CIBC with five year public deal ◆ Earlier trade 'corrected' scarce supply, achieving high oversubscription ◆ Both banks appear ahead of expected local regulatory changes to covered bond treatment -
Seller only placed the B and C notes publicly
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Waterfall previously securitized Pepper-originated second charge mortgages under its Citadel programme
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Market expects pipeline to pick up in second week of August
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Asset class is about 5bp wider than at start of the year
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New changes will allow for 'more intuitive' analysis and increase maximum covered bond rating uplift
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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