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◆ Follows RT1 from Crédit Agricole ◆ Still ample demand for insurance capital, rival banker says ◆ Cardif's third capital trade since November
◆ Insurer's debut in euros, having issued in US dollars and sterling ◆ Took larger end of size range ◆ Deal offers relative value to Aussie banks, lead says
◆ UK bank's first European opco deal in more than five years ◆ Higher real rates spurred demand for short-dated assets ◆ Larger FRN clears with no premium
Data
Currency's higher yielding appeal has lured investors across the capital stack
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
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◆ Size and execution the main attractions of dollars, but it costs more ◆ Well progressed UK banks weigh taking a chip off the table ◆ Dollar covered bonds unlikely -
Development banks could issue hybrids up to a third of their equity
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Banks cannot rely on deposit growth
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Pressure to increase returns is driving international expansion as Japanese banks position for growth and hopes rise of more M&A activity from their domestic clients
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◆ Regulator starts collecting data on hedging and accounting of capital instruments ◆ Is AT1 debt or equity? ◆ BNP Paribas’s reclassification of future dollar AT1 provides an example
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Covered bonds will be integral and volumes may exceed expectations
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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