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◆ Strong demand for capital supports two major banks' simultaneous deals ◆ Deutsche goes big and pays concession ◆ SG restricts size for a punchy print at fair value
FIG borrowers flood dollar markets as Westpac's SEC exit strategy pays off
◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession
Data
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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
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◆ Strong demand allows for tight pricing ◆ New bond pulls Achmea's curve tighter ◆ 'Odd size' wraps up Dutch firm's covered funding -
◆ 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
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◆ 'Stable' book grows after spread set ◆ Lack of recent Spanish supply helps pricing ◆ Illiquid secondaries create wide range of fair values
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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
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