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◆ First ancillary tier one note ◆ Features unique reset structure ◆ $7.5bn of orders before reconciliation
◆ First Australian sterling tier two since 2022 ◆ Fair value debated ◆ Motivated by uptick in Aussie tier two requirements
◆ Insurance company's first outing since 2023 ◆ Book continued to grow after reoffer ◆ 'Pretty much everybody from the UK real money investor base' present
Market participants spot first signs that ever improving funding conditions may be over
ESG deals show there is more to labels than just saving on spread
Issuers' desire to put covered pre-funding to one side suggests concerns over bumps ahead
The next leg of the spread convergence between eurozone periphery and core FIG issuers could come from the east or south
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Final US big bank to raise dollars after earnings -
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◆ UK issuer makes swift euro return ◆ NIP much lower than US banks paid ◆ Big subscription reflects investor uncertainty
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◆ Less frequent and smaller Europeans return after Iccrea reopening ◆ Latest sub-benchmark Austrian deal adds issuer diversity ◆ CCF meets annual funding need
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◆ Similar trades clash on the same day ◆ New Zealand bank finds it more challenging to attract orders despite paying higher spread and new issue premium ◆ Swedbank lands deal with similar concession than recent French senior paper
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◆ 'Helpful messaging' matters ◆ Attrition rate higher than recent tier twos ◆ Some saw negative concession
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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