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◆ Deal is joint tightest in the asset class since October 2021 ◆ Finishes with larger book than Nordea's November 2025 outing ◆ 'Flight to quality', outright rates and search for sub paper power strong outcome
◆ RBC's second euro dual trancher of the year ◆ Takes large size in very busy market ◆ 'Nice' to price 4NC3 10bp inside Morgan Stanley, lead says
◆ First RT1 since January ◆ Huge order book with no attrition ◆ High-beta appetite increases further down the capital structure, lead says
Data
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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Issuers to 'de-risk' euro covered bond funding with short dated deals -
After recent issuers choose size over pricing, HSBC prepares a rare visit with an expected ‘tight’ five year
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◆ Only 10bp-15bp needed to seal sophomore euro sale ◆ Little investor attrition as interest for the format grows
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◆ Spanish bank adds dollar AT1 to 2023 sub debt mix ◆ Deal attracts 'encouraging' European support despite recent local market outing
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Nystedt to return to Stockholm after two years in New York
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Banks are getting busy refinancing additional tier one — could even UBS issue?
Polls and awards
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
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
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