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◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
◆ Small NIP enough to attract strong bid for long tranche ◆ Investors get selective amid volatility ◆ Commerz fills out its curve with two points
◆ 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
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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Investors have swarmed to FIG FRNs despite looming interest rate cuts -
Issuance to pick up, but funding officials could favour more attractive senior unsecured deals
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◆ Canadian bank kicks off new quarter for US market after strong Q1 ◆ Local insurers fund in absence of bank deals ◆ Focus turns to US bank results
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◆ BMO final orders drop by €1.4bn as issuer ‘solved for optimal price’ ◆ Tightening of final spread ‘cost them some orders’ say rival bankers ◆ ‘A great trade’ that was ‘priced at pinpoint’ according to a syndicate lead
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◆ Issuer notches sharpest tightening since rebranding to land €500m three year close to FV ◆ Virtually no investor drops ◆ BFF Bank may launch social debut on Friday
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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