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◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most
◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender said
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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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◆ More upside potential seen in the Virgin Money credit after Nationwide bid ◆ Deal is 10 times covered after already some 70bp tightening and another 50bp during execution ◆ Some estimates put NIP at close to 20bp when many recent deals are coming close to FV -
Infrequent issuer's less liquid curve makes judging fair value tricky
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◆ Unsecured deals lined up after sentiment-boosting CPI ◆ Virgin Money to test demand for its now much tighter credit after Nationwide's £2.9bn bid ◆ Volksbank Wien out to capture favourable window for infrequent issuers' capital
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Non-eurozone deals are attracting big books and tight pricing
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◆ Bid for periphery bank bonds stays strong ◆ Priced at, or inside, fair value ◆ Debate over whether good times will continue
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Norwegian lender seals five year covered 2bp-4bp through fair value
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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