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◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
◆ Italian bank landed price and size with latest offering ◆ Covered was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium
Data
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
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
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Banking borrower does not get same boisterous demand as other recent automotive deals -
Marc Warm, Barry Donlon and Michele Cousins promoted
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◆ German bank prints popular tier two under new green funding framework ◆ Label a positive ingredient, says rival banker ◆ Funding completed at no concession
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◆ Appetite for credit attracts trio to senior market despite weaker backdrop ◆ But face-to-face execution between two similar deals underlines limits for non-major global bank issuers◆ UniCredit diversifies funding with rare floater
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◆ German lender raises £325m with rare fixed rate note ◆ Calculating fair value 'hard' ◆ Leads looked at euro covered and sterling senior unsecured comps
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◆ 'Capital is name of the game' as deals fetch high demand ◆ Athora surpasses size and pricing targets with RT1 refi ◆ BPER Banca restarts euro AT1 after pre-election wobbles in the asset class
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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