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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
Data
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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◆ Insurer's first deal for two years ◆ Concession left for investors ◆ Similar €500m senior funding secured with parent company -
◆ Second deal after last year's re-entry is bigger ◆ Nomura wants to extend its euro curve after debut TLAC last May ◆ Higher concession seven year tranche lands at same level as last year's fives
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◆ Austrian bank paid 5bp new issue concession ◆ Order size consistent with previous Erste covereds ◆ New issue premiums have increased in recent weeks
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◆ Dutch bank's order book three times oversubscribed ◆ 3bp NIP offered ◆ Issuer placed a green senior bail-in last October
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◆ Defensive structure for nervous market ◆ Largest book on a busy day for FIG issuance ◆ ABN keeps position of leading bank EuGB issuer
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Stefan Jost will take over the role
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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