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◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
◆ Issuer's largest covered deal at its tightest spread ◆ Banker said Korean lender is ‘well-liked’ by investors ◆ Pricing seen at fair value despite 'scarce liquidity' in secondary curve
Primary action in the US and several banks reporting points to a rebound of euro issuance this week
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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Cooling US inflation raises hopes of dollar rate cuts, in turn pushing forward deals that were slated for later in the year -
◆ Quick fire from the US bulge bracket bank makes this its second deal in May and fourth this year ◆ NatWest returns with senior opco Yankee a week after blowout AT1 ◆ CPI report improves market conditions
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French president’s call for international consolidation bucks a long trend of political opposition
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◆ Bankers off deal say bonds landed close to fair value ◆ High beta names offering spread ‘attracting massive demand’ ◆ Order book peaks above €2bn
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◆ Improved sentiment after US inflation report could spur more issuance next week ◆ SMN completes tight print versus peers ◆ ICBC offers green bond in multiple currencies
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Singaporean bank pulls off ‘incredibly well received’ bank capital bond as record low spreads prove appealing
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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