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◆ First two-part AT1 euros deal since Intesa's own in 2020 ◆ Funding establishes a flat curve ◆ Intesa, BNP Paribas both observe investors' reset spread threshold
◆ €500m 4NC3 EuGB deal priced inside fair value ◆ Greenium helps tighten spreads amid strong demand ◆ Landmark trade cements bank's ESG leadership, says treasurer
◆ Austrian lender completes its tightest unsecured debt since the start of war in Ukraine… ◆ …as BPM achieves its lowest ever senior spread ◆ High attrition function of premium and outright spread
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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Swiss bank is only the second institution globally to use the instrument -
◆ Inaugural green deal from issuer ◆ Low beta offering draws good order book ◆ Investors may be looking further up the capital stack
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Investors are thirsty for yield and willing to sacrifice spread
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BWICs spiked after 'liberation day' but the asset class remains unsuited to trading
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Technicals trump geopolitics as investors chase yield and spread
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◆ Issuer may be among final few before hiatus ◆ 'A strong outcome' for issuer ◆ Covered bond issuance has been making up lost ground
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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