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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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◆ Deal comes close to fair value ◆ Shorter tenor offers investors something different ◆ Mass wave of sterling supply not expected to follow -
◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding
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◆ Austrian lender feeds investors hungry for bank capital ◆ Borrower returns to asset class for first time in more than two years ◆ No new issue concession
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◆ Deal attracted strong official institution interest ◆ Borrower faced some limits at 40bp ◆ Low single digit concession paid
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Smaller and less frequent issuers aiming for open window to raise unsecured funding as investors hunt higher yield
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◆ At least five more deals expected this week ◆ Sub-benchmark names to take their time ◆ Further supply mooted
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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