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◆ Money centre banks drive $25bn-plus three-day issuance rush ◆ Goldman first refinances capital with new, cheaper deal and then returns for senior funding ◆ RBC debuts its most subordinated debt in US dollars
Asset managers should be drawn to high spread products from infrequent names
◆ Senior FRNs in euros appear more cost-efficient for issuers than covered bonds ◆ Savings vary by issuer ◆ Asset mangers prefer to buy from higher-rated FRN issuers
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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Wider levels needed to offset volatility and tightening secondary curves
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New recruit in Paris will run sustainability for global markets
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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
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Sparkasse Bremen garners surprising demand thanks to ‘thin pipeline’
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Tool to help traders spot opportunities, build products
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High spread deals are harnessing bumper demand
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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