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◆ Final book tops $6bn ◆ Higher beta paper 'clearly in demand,' syndicate banker said ◆ NIP debated
◆ Deal sets new multi-year tight spread for a senior non-preferred euro bond ◆ Sale follows Nordea Bank's seven year senior preferred from last week ◆ Both issuers offer some new issue concession to compensate for low spreads
French banks lead the charge in euros with tighter than average NIPs
Data
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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Bank is building US business after Bernstein JV -
DCM originator has been with the bank for 15 years
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This is the fourth publicly rated equity release RMBS in Europe
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◆ Deal size matches bumper Scotia sale ◆ Sterling shows no signs of slowing, say bankers ◆ NAB previously tapped dollars and euros this year
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◆ Bookrunners keen to test boundaries with pricing ◆ Strong order book attracts high proportion of real money investors ◆ Trade tightened by 6bp
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◆ French lender amasses huge €4.5bn book ◆ CFF prices only slightly wider than OATs ◆ Strong conditions could attract prefunding trades
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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