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◆ French bank issues its first euro AT1 in three years ◆ Deal lands flat to fair value, according to sources away ◆ UBS prepares its second Australian dollar AT1 after September's market reopener
◆ Deal unaffected by Japanese macro volatility, lead said ◆ Aggressive pricing led to heavy long-end attrition ◆ Continuing trend of heavy supply for dual tranche holdco senior trades
◆ Pricing tightened 6bp from guidance ◆ Slim new issue premium assessed ◆ Bankers said demand has thinned for longer-dated covereds
Data
Post-earnings issuance surged with borrowers taking advantage of tight spreads to raise more than $14bn in early February.
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
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Seasonal slowdown sees demand cluster in one to six year vanilla private placements -
◆ Popularity allows Deutsche to price at tight valuation ◆ Follows the German bank's $2bn Yankee at the belly of the curve... ◆ ...and comes a day after UBS issued €2bn in mid to long dated maturities
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◆ UBS ends 14 month Swiss franc covered absence ◆ Next to no premium paid ◆ Swiss bank has raised AT1, senior unsecured and now covered in the last week
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Books bulged in July as investors flocked to the last of the summer deals
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◆ Swiss bank quickly follows $2bn AT1 with senior holdco print in euros ◆ Deal's high oversubscription may tempt others to print soon ◆ DNB diversifies funding printing rare euro FRN
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Sentiment towards affected major banks improves but major ratings agency judges overall situation credit negative
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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