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Japanese insurer is set to launch a novel two-part trade
◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps
◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
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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Pent-up demand for first sterling covered deal in three months fuelled the tight outcome -
European syndicate boss takes over as veteran banker leaves
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Bankers expect big demand after stellar performances by Turkish tier two bonds
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◆ ‘Rare beast’ of a spread drives demand ◆ Deal increased as order book swelled ◆ Cross-currency basis has kept issuance at bay
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◆ Dutch insurer refinances legacy tier one at negative NIP ◆ More insurance deals expected across capital structure ◆ Smaller European bank tier twos prove strength of FIG market
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◆ New structure taps investor demand for short-dated credit ◆ Issuer saves on three month versus six month basis ◆ Callable format adds funding flexibility
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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