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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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Two more major US banks issue bonds but three do not despite spreads at post-GFC tights -
November issuance not a given, with focus turning towards January instead
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Triple oversubscription drives price 15bp inside initial guidance
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Market reaction suits unsecured deals, from those not in blackout, as soon as Friday
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◆ Demand 'surprised to the upside' ◆ Deal attracts largest final book since August ◆ Trade spotted 2.5bp tighter in secondary
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◆ Reg S only but multiple times oversubscription ◆ Issuer's first subordinated debt under new Swiss insurance solvency framework ◆ Zurich funds roughly flat to Allianz, though peer issued a larger bond
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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