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Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ French bank has had a busy 2026, issuing across currencies and asset classes◆ Cross-currency rates at 'optimal level' for diversification play, lead manager said ◆ Fair value debated
Very few, if any, Gulf issuers are looking at sterling bonds
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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◆ Issuer waited for stable market ◆ Mixed views on concession ◆ Deal gives 'capital structure arb' -
◆ Value versus domestic curve debated ◆ Scarce Nordic tier two supply helped trade ◆ Nordic names 'still performing during volatility'
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Subordinated deals make up a larger share of March's supply than usual
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◆ MetLife returns to euros after January print ◆ Offers high single digit premium but comes flat to dollars ◆ BlackRock next with rare refi of its only non-dollar bond
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◆ New euro deal more than 6.5 times subscribed ◆ Comes one trading day after a call and non-call decision on two dollar AT1s ◆ Visible new issue premium helps attract orders
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◆ Swedish issuer starts tight ◆ Deal lands close to recent SSA supply ◆ Seven year tenor offers investors something different
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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