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Higher Gilt rates have powered yields on credit, making up for tight spreads
◆ Euro funding competitive with GS' dollar curve ◆ Large premiums left on all tranches ◆ Massive investor demand
Capital injected into 35 funds with 6,800 LPs, including private credit
Data
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
Banks are well advanced with funding, but spreads could encourage pre-funding of subordinated capital
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Reframing inflation might produce a more palatable number but is not always a great idea -
◆ British issuer tightens both tranches 6bp ◆ Spreads in line with comparables ◆ Lloyd’s first covered since its sterling deal in March
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◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession
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◆ Dutch bank goes 'head to head' with Alphabet in euros ◆ Brings its longest ever opco tranche ◆ Book skewed towards two year FRN
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Together added to the sterling market with a small ticket CRE CMBS
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◆ The Fed's Powell era ends with split decision ◆ Bank capital to lead Gulf bond revival ◆ SSAs, corporates and FIG face busy May
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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