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'Conducive' issuance conditions allow foreign banks to raise more single US market visit
◆ Sixth bank in February to print long-dated SNP tranche ◆ Massive €4.3bn book drawn to 4.125% coupon ◆ Visible concession attracts investors
Citi prepares consumer ABS from Abound forward flow
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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At least one issuer considers 10 year but spread dynamics could be off-putting -
◆ Pan-Nordic issuer ‘deliberately’ waits after the Fed ◆ Rivals’ rallying AT1s provide tailwind for price compression ◆ Investors keen on debt capital
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◆ Big order book for long tranche ◆ Fair value debate ◆ Sources close to trade disclose it is not pre-funding
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◆ LCR eligibility attracts accounts ◆ Deal follows extensive roadshow ◆ Issuer plans to close spread gap to peers over time
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◆ Illiquid secondary levels make determining fair value tricky ◆ No impact from UniCredit-Commerzbank merger rumours
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◆ Issuer looking at long three or five years ◆ ESG label should be ‘helpful’ ◆ KHFC’s third public bond this year
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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