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HSBC and SEB opt for senior funding in dollars as Deutsche Bank turns to renminbi
◆ Over €5bn in Reverse Yankees placed on Thursday ◆ More IG corporate bonds to follow, including potential Friday deals ◆ Volatility makes spotting new issue premiums tricky
Most European lenders have limited exposure to the region, but analysts say energy shocks are the bigger risk for bank credit
Data
Bank issuance expected to resume next week in euros after corporates, dollar market lead
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
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◆ Holdco senior issuance is more common in the US ◆ European novelty meant longer lead time ◆ Investors liked it and bought more -
Capital markets need a strict code of conduct for using GPT bots
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With spreads near year's tightest, banks may step up unsecured funding but investors may not be keen on low spread products
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Even the lowest spread deals look sweet when Swiss govvies are so tight
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UniCredit Italy sets a strong precedent many of its national peers plan to follow
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◆ Improved tone lures local lenders in size ◆ Yankee arb possible again ◆ European trio steps up Yankee printing on Thursday
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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