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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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◆ Issuer eyes further outings ◆ Book closes in excess of €820m ◆ Multi-day marketing period supported demand -
The path to a capital markets union will inevitably pass through a pan-European banking union
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◆ New trade is longest and largest in euros from the Japanese non-bank financial ◆ Some premium offered after eyeing tighter landing ◆ Outcome deemed ‘good’ considering smaller following to bank issuers
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◆ Deal tightens 6bp thanks to strong book ◆ ‘Confusing’ comps make spotting fair value tricky ◆ Trade fills empty spot on the curve
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◆ Three year deal to tap into demand for the tenor ◆ Trade is Argenta’s second green covered this year ◆ Bond pre-empts upcoming RMBS redemption
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◆ Deal is DZ's first public sector trade of the year ◆ Domestic demand to support deal ◆ Tenor matches cover pool funding need
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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