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◆ Sixth bank in February to print long-dated SNP tranche ◆ Massive €4.3bn book drawn to 4.125% coupon ◆ Visible concession attracts investors
◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
Data
Nykredit blasts through 300bp barrier, pushing investors up the capital stack
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
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Market participants are invited to give their views on the outlook for covered bonds next year -
Supply eased in recent weeks after late summer burst
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Up to $221bn of external funding could flow from the region's banks
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◆ UK lender deal beats expectations amid limited competing supply ◆ Issuing in euros was cheaper than sterling ◆ Italy's BFF Bank returns to bond market but pays more than in April
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◆ Rarity, tenor and size fuel demand ◆ Big book and dozen dealers make allocations tricky ◆ Next to nothing paid in premium
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◆ Issuer avoids pushing already tight deal too tight ◆ Single digit premium paid ◆ Green German supply ahead of 2023 year to date
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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