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Senior, capital issuance expected on Tuesday, after impact of historic precious metals sell-off is assessed
◆ Canadian banks ramp up European senior and covered funding ◆ BMO restarts this year's unsecured sterling issuance from the sector ◆ Deal provides more favourable funding than euros
◆ €500m no grow tightened by 7bp ◆ 18bp reoffer was at FV, says lead ◆ Order book held up well through execution
Data
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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◆ Big year for Reverse Yankee bank issuance now tops €30bn ◆ Goldman back for first time since January ◆ Deal nearly 2.5 times subscribed -
German bank's report says French covereds will likely remain competitive
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Four other SSA issuers notch MTN funding
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Steepening swap curve has revived interest in long-dated covereds
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Legal & General has originated loans for an RMBS for the first time
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◆ Insurer's €450m capital trade follows acquisition of Belgian subsidiary from BNP Paribas ◆ Books top €2.6bn ◆ BNP Paribas diversifies with dollar AT1
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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