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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks
◆ Infrequent issuers achieve tight pricing... ◆ ...but lose a third of orders ◆ Investors may demand more NIP on deals from next week
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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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◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature -
Spreads gap out too fast after the credit rally of a lifetime ends, pushing price-sensitive issuers to reconsider their market entrance
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Buyers grapple with falling interest rates
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National champion status made it a natural fit for a 10 year
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◆ Duo print €3.25bn after recent deals wobble ◆ Wider pricing attracts attention and allows tightening ◆ Weaker credit market affects reoffer levels
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Issuer adds bells and whistles after plethora of seven year issuance
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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