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◆ Transaction 'looks like a slow deal' given tightening and size, say rival bankers ◆ Marketing process 'was too rushed' for rare euro issuer ◆ Huge corporate issuance 'may have overshadowed' sole FIG deal
Both issuers print with no new issue concessions, but Sparebanken Vest benefited from scarcity appeal and belly of the curve bid
◆ Italian bank prints at 7% amid 'Fomo' for AT1 refi ◆ Tier two capital well absorbed with rare Munich Re offering €1.5bn ◆ AIB benefits from green label
Santander shows big AT1 deals work best alongside tender offers
Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others
European financial institutions — already facing a narrow issuance window over the next couple of weeks — must also navigate renewed rates volatility
Investors are ready to embrace unsecured bank debt yet again — but at double digit new issue concessions
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A UK hedge fund put in the largest order -
Three year floating rate covered deals pricing flat to fixed rates
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Etihad to lead fleet of airline listings as IPO market and aviation sector blossom ◆ Air Baltic's historic coupon ◆ Open season for bank AT1s
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Going longer doesn’t seem as steep when everything is elevated
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◆ Favourable dollar market draws foreign and domestic FIG issuers ◆ NatWest chooses dollar for AT1 to achieve best post-swap cost ◆ String of senior issuance also offers rare five year FRN
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A year after its surprise scoop of UK equities house Numis, Deutsche Bank is making headway in the league tables
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Rampant bid but issuers likely to wait for spreads to tighten
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◆ 'A nice print' say rival bankers ◆ US bank raised €2.25bn and 'could have taken more' ◆ Green FRN label questioned as 'nobody cares'
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Crowd of issuers finds deal windows as backlog starts to clear
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Market relishing a week without holidays as banks come out of blackout
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Global leadership reshuffling as sovereigns and supranationals chief retires on May 31
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Inaugural issues to underline just how strong and receptive the market is
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◆ Barclays pushes 'very impressive' AT1 flat to fair value after becoming net negative AT1 issuer ◆ Pension Insurance Corp follows euro peers with tier two ◆ 'Horribly undersupplied' investors pile in orders
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Winners will be announced at a ceremony at The Landmark London on June 19
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Loan and bond distribution merged, new financial and advisory sectors
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Deal will be secured against a pool of Singaporean residential mortgages
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◆ Lloyds draws peak book of €5.1bn ◆ BayernLB launches green deal and pays 5-10bp premium ◆ SR-Bank senior preferred
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The €500m no-grow deal was almost 15 times covered
Polls and awards
The covered bond market met in Munich on Thursday to celebrate its best at our gala dinner
GlobalCapital hosted the 2023 Bond Awards on Wednesday night, gathering together the market’s best and brightest across treasury teams, investment banks, investors, rating agencies, law firms and tech providers.
The best banks, issuers, platform providers and deals of 2023 will be announced at a gala industry dinner in Munich on September 14
Polling for GlobalCapital's Covered Bond Awards 2021 closes at 5:30pm London time on Monday, August 16, so please be sure to cast your firm’s vote if you haven’t already done so. Preliminary data shows that the frontrunners for many awards are in close contention, so every vote stands to make a huge difference.
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