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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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◆ Books over €3.4bn ◆ Tier two priced tighter than some recent SG SNP notes ◆ More capital trades predicted in coming weeks -
Ten months after its unusual regional retreat in equity capital markets and M&A, HSBC has had a good year in debt capital markets, suggesting its new strategy can work
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◆ Reoffer spread breaks below 100bp over mid-swaps ◆ Some new issue premium despite tight spread ◆Possible greenium
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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