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◆ New deal to replace AT1 from October 2020 ◆ Resistance to tight pricing building ◆ Market watches the 300bp euro reset barrier
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ Market conditions made going ahead an "easy decision" ◆ Two-year FRN priced flat to fair value ◆ Floaters' secondary liquidity debated
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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◆ First euro covered since 2023 ◆ Double digit saving versus dollars ◆ Recent non-eurozone supply a better comp than Canadian curve -
◆ Deal is BHH's last before LBBW integration ◆ Investors eager to buy but last deal status not main driver ◆ Small pick-up to SSAs
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◆ Demand peaks at almost €4bn ◆ Tight print reprices Portuguese covered curve ◆ Market hopeful others will follow
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Former UBS banker and LSE professor join Prudential Regulation Committee as UK turns towards lightening controls
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◆ Size was upsized after feedback ◆ Minimal premium paid ◆ Some bank treasuries excluded by callable SNP format
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Expanded roles for Shane, Dozin, Monge and Benedetto
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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