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Norinchukin Bank markets dollar Global, but new deal's effects on European market are uncertain
Market participants argue that market uncertainty makes shorter tenors more palatable for investors
Quick insurance trade lands close to fair value, through equivalent dollar levels
Data
Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
Nykredit blasts through 300bp barrier, pushing investors up the capital stack
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
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Borrowers could be tempted to follow but would need to move this week -
◆ US bank sells first dollar preference share deal since March banking turmoil ◆ Investors flock to tightly priced print ◆ Yankee banks unlikely to follow given higher yields for foreign names
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Lloyds sees RMBS and covered bonds as 'complementary' after Permanent return, but dollar mart looks expensive
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Hire will replace Christian Sagerer who recently joined Société Générale as head of global markets for Germany and Austria
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◆ Dual tranche trade attracts over €5bn of orders ◆ 'Generous' spread fuels demand ◆ Other household names could tap quiet market before late August rush
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◆ Bastille Day no hindrance for FIG issuance ◆ Cypriot lender aims to expand investors on the back of 'very good' AT1 tailwind ◆ More issuers looking at potential deals
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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