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◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession
◆ Dutch bank goes 'head to head' with Alphabet in euros ◆ Brings its longest ever opco tranche ◆ Book skewed towards two year FRN
◆ French issuer tightens spread by impressive 8bp ◆ CFF's fourth covered bond in past two months ◆ Spread of 51bp was flat to fair value, says banker
Data
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
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SSA spreads present the only major hurdle for rampant covered bond revival -
Recent buy-side entrants have left lasting impact on market but wave of newbies may be nearing its end
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A rush of US banks hit the primary market after full year earnings reports
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Senior issuance remains the preferred funding route for European banks despite impressive covered bond recovery
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◆ First US bank to print in euros this year ◆ Goldman's first issuance in single currency since 2022 ◆ Book nears €10bn
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◆ Deal prices near fair value ◆ Minimal attrition in order book ◆ Asset managers assessing AT1s versus senior paper and equity
Polls and awards
Don't miss your chance to choose this year's Bond Award winners
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
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