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◆ Reinsurer latest in string of insurance tier two offerings ◆ Comes with tender offers on two outstanding bonds ◆ Investors show 'discipline' on pricing
◆ Issuer's first trade of 2026 ◆ Premium paid as 'investors not chasing everything' ◆ First SP from a Spanish bank since February
Polish bank beat a peer's recent price by 1bp
Data
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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◆ Bank refreshes own record from last September ◆ Deal's non-call 10 period unusually long for the sterling market ◆ Lack of sterling tier one supply attracts 'huge book' -
US bank is returning just nine months after making its jumbo debut
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New system makes atomic settlements possible between seven currencies
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Car finance bank is offering the A to G notes to investors
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◆ Spanish lender prints larger bond at a tighter spread than state-owned French peer ◆ Rarer in the non-preferred asset class than La Banque Postale ◆ Bankinter's deal also a green bond
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◆ Italian bank's first benchmark euro trade since 2023 ◆ 40% of orders withdrawn after price revision ◆ Heavy interest from ESG accounts
Polls and awards
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
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
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