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Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ More than €20bn of orders at peak ◆ Up to 10bp of concession on each tranche, says rival banker ◆ May push European banks to pay more to get deals done
◆ €3.25bn of new issuance comes as Goldman Sachs brings €7bn across four tranches ◆ 'Surprise' as two US names proice on same day ◆ Positive concession might force European banks to pay more next week
Data
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
Late-week surge shows investors remain hungry for paper despite macro volatility
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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The processes of choosing a new Pope and someone to run Crédit Agricole’s CIB may have more in common than you think -
◆ UK bank has euro sub market to itself ◆ New NIP range established ◆ More capital trades said to be in pipeline
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◆ HSBC, NatWest, Société Générale print similar dual tranche senior deals ◆ 'No canibalisation' despite €8bn concentrated supply ◆ Bid for duration on all deals
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◆ Small books do not mean small deals ◆ Norwegian trade lands tight to Pfandbriefe ◆ Next to no premium paid
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◆ Deal is the first Austrian benchmark since January ◆ Slim premium paid ◆ Austrian supply down due to lower loan growth
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Volumes suffered in April amid US president Donald Trump's tariff trade war
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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