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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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EGBs and USTs are having trouble too; what makes the UK any different? -
◆ Banco BPM, BAWAG and SBAB sell senior preferreds ◆ RV disadvantage vs covered 'may be fading' ◆ Green and social labels 'helping' some deals
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◆ Price discovery and issuer frequency impacts LBBW SNP offering ◆ KBC order book holds firm ◆ Less frequent issuers drive second wave of issuance
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◆ Small French name attracts €3bn book ◆ Almost no premium needed ◆ Small pick-up to OATs no problem
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Early signs of a milder start to public bond issuance in 2025 than last year, but with one important caveat
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◆ Investors show little concern over sterling instability ◆ Deal comes flat to fair value ◆ Prices flat to peers and inside recent SSA supply
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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