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◆ Wednesday's 'stand out' senior trade ◆ €1.6bn order book largest ever for BoC ◆ First transaction since acquisiton of UAE-based CDB Bank
Elena Bortolotti was promoted to managing director at Barclays in January 2022
◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
Data
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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
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◆ French bank goes beyond recent 10 year senior, covered deals ◆ UniCredit pushes pricing in SNP with 5bp NIP ◆ Market open for all as infrequent borrowers also lure big orders -
Brazilians set to join the party as Latin American deals trade up despite EM outflows
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◆ French bank's 'stellar' long end outing attracts orders and accolades ◆ Even unusually long senior deals fare well as active funds buy credit ◆ Monday's deal outcomes highlight open access for less frequent issuers
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◆ Investors lodge big orders so as not to miss current spreads and yields before rate cuts ◆ This sentiment especially strong for sub debt ◆ Mediobanca also issues €300m tier two that was 4.5 times covered
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Smaller book and less tightening than other recent OBG transactions but international buyers play covered versus senior spread
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Latest case involves BNP Paribas’s dollar Disco which it will call. BNPP will disqualify similar legacy euro notes from counting as tier two capital
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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