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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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Unsecured issuance absence in euros and sterling resembles past market shock closures, but broader markets remains open -
Both deals took two weeks to execute due to ABS market closure
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Both deals were executed within a week, despite a heavy pipeline
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Higher rate expectations have sharply reduced the possibility of bonds being redeemed this year
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◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025
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◆ Second foreign FIG deal in Swissies since the start of Iran war ◆ Market offers quick execution despite uncertainty and volatility ◆ BPCE funds close to its euro level
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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