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◆ Tightest callable Italian tier two since 2020 ◆ UniCredit year-on-year spreads continue to tighten ◆ 80% of allocations made to 'solid real money' accounts
◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure
◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said
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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◆ Deal swells from initial size ◆ No premium needed to seal larger print -
◆ Danske saves with three year floater ◆ No NIP needed for Danske’s seven year tranche ◆ DNB’s €1bn print only just covered
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◆ Senior preferred format helps mitigate execution risk ◆ Issuer shifts larger funding into shorter FRN ◆ Rates volatility back on the agenda
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Demand nearly four times the deal size allowed pricing to tighten sharply
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◆ French issuer picks size over price ◆ ‘Three handle’ important to secure investor interest ◆ Danske readies fixed and floating rate notes
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Insurer sets new tights for primary printing ◆ NIP opinions diverge on 10 year ◆ Sondrio pushes through fair value thanks to vanilla deal wrapped in green
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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