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◆ New deal becomes longest issued by a Canadian bank since 2020 in both euros and sterling ◆ Provides clear arb to US dollars ◆ Bolsters TD's funding spree in Aussie, Canadian and US dollars
◆ First Finnish tier one FIG capital public sale in euros since at least 2020 ◆ Insurer to redeem tier two capital early ◆ First euro RT1 since July
The trade is its first in the senior preferred format
'Great' market conditions are not immune to central bank surprises and fund inflow changes
Foreign investors show confidence in French assets, including innovative defence financing deal, as political concerns grow
Allianz's early dollar tier one foray paves the way for tight pricing
Issuers shift the primary market equilibrium in their favour but questions raised whether it can last
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◆ Small benchmarks hit screens ◆ Demand solid but muted ◆ Market prepared for cooling off period after rampant few weeks -
◆ PBB opts for four year deal ◆ Marginal drops as German issuer tightens spread ◆ Investors appreciate the room for performance
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◆ Fair value debated ◆ Some question RV attractiveness to global investors ◆ Dollars main funding market ‘for now’
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◆ New senior FIG deals print with mid-single digit concessions... ◆... though Belfius offers more for its largest non-preferred funding since 2020 ◆ M&A target Monte dei Paschi prints year's first deal
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◆ Single digit premium paid ◆ Slim pick up offered over Canadian peers ◆ Canadian covered paper lower in euros this year to date
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◆ Bookbuild momentum slows due to Bloomberg outage ◆ Multiple ways of coming up with the same fair value ◆ 10 years appeals to duration and yield seekers
Polls and awards
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
The awards recognise the market's leading deals, issuers, banks and other participants
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