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Highly anticipated report did not mention future role of AT1 capital
Three money centre banks' big new funding comes at elevated premiums as market taken aback
The French Budget in October and US mid-term elections in November could be times for covered bond issuers to avoid
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Money centre banks pay to to land jumbo deals at sizes unheard of in euros
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
Banks are well advanced with funding, but spreads could encourage pre-funding of subordinated capital
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◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer' -
◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish
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◆ One of four covereds issued on Thursday ◆ CMHL issued the last three French covered bonds ◆ Euro benchmark deal fixed at €1.25bn
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Oodle also restarted the sterling market with an auto loan ABS
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Demand allowed the bank to cut the yield by 35bp
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Easter holidays and Middle East volatility subdued regular private placement activity though Gulf states step up private funding
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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
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