• Kookmin gets solid return result

    Kookmin Bank issued a $500m five year on Thursday, attracting a comfortably oversubscribed and well distributed book for its second legislative deal, which was priced at the same spread as the issuer’s first, despite a challenging market environment.

    • 29 Jan 2016
  • Covered bond harmonisation should be ‘ambitious’ says ECB

    The European Central Bank has said efforts to raise minimum standards in the covered bond market should be ambitious, and it sees considerable benefits in harmonisation. The ECB was responding the European Commission’s proposals for harmonisation of the covered bond market.

    • 29 Jan 2016
  • Principality draws £475m with Friary

    Principality Building Society priced its Friary No.3 prime UK RMBS deal, landing £475m in what one banker called a ‘tricky’ market. As with sterling covered bonds, the RMBS primary market also seems to be pricing at successively wider levels.

    • 29 Jan 2016
  • Kookmin replicates $500m covered bond success

    South Korea’s Kookmin Bank issued its second ever covered bond this week, raising $500m from a five year note that was more or less a replica of its debut transaction.

    • 29 Jan 2016
  • UKAR tenders for B&B’s covered bonds

    UK Asset Resolution, the UK government’s holding company that has owned the mortgage book of Bradford and Bingley (B&B) since its nationalisation in September 2008, has announced a tender offer and early redemption of the issuer’s covered bonds.

    • 28 Jan 2016
  • AIB and WL enjoy strong receptions

    AIB Mortgage Bank attracted robust demand for its €1bn seven year covered bond issued on Thursday, and WL Bank also did well despite the difficult 10 year tenor and measly spread.

    • 28 Jan 2016
  • GB Principles circle closer to green definition

    Two new working groups of the Green Bond Principles will begin work next week, on defining greenness and on impact reporting. The move is part of the green bond market’s effort to define itself more clearly, partly in the hope that governments might ultimately subsidise it.

    • 28 Jan 2016
  • Audit points finger at ECB on Irish senior debt bail-in

    An audit of bail-outs during the sovereign debt crisis has pointed to inconsistencies in the European Union’s handling of different states, while claiming that a bail-in of Irish banks’ senior bondholders could have been contained.

    • 28 Jan 2016
  • CBA funds long at no extra cost as SCBC flies high with fives

    Commonwealth Bank of Australia (CBA) funded itself more cheaply with a 15 year covered bond than it did with a five year this week. It followed Swedish Covered Bond Corporation (SCBC) which issued at the same spread as earlier deals despite a market widening.

    • 28 Jan 2016
  • Bank weakness opens up bond/CDS basis

    Last year the Markit iBoxx Euro Banks index was one of the outperforming bond sectors in Europe having returned 1%. The index, which is largely made up of bonds issued by European banks, even managed to outperform defensive sectors such as healthcare and utilities, while Europe’s regulatory oversight and relaxed monetary conditions kept market confidence in check.

    • 28 Jan 2016
  • Deutsche Pfandbriefbank EUR500m 1.25% Jan 19

    • 28 Jan 2016
  • DekaBank EUR1bn 0.34% Feb 18

    • 28 Jan 2016
  • Deutsche Pbb flaunts a new investor base

    Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

    • 28 Jan 2016
  • FIG fixes on a fitter February as markets show more stability

    FIG supply may have fizzled out this month, but with the deals still flowing in the covered bond and Yankee markets, there are signs that senior could be in for a brighter start to February.

    • 28 Jan 2016
  • Diamond moves up at Deutsche

    Peter Diamond, a managing director in Deutsche Bank's FIG origination team, has been given an expanded job as head of FIG flow for western Europe.

    • 28 Jan 2016
  • IBA bad bank breaks terms of Eurobonds

    Bondholders of a $211m private placement issued by the International Bank of Azerbaijan (IBA) met last week to discuss the bank’s request for a waiver after it unknowingly breached the bond's covenants.

    • 28 Jan 2016
  • Italian banks play catch up over NPLs

    Asset quality took a turn for the worse in 2015 for Italy’s banks, whose future remains unclear despite newly approved plans for a state-backed bad bank.

    • 28 Jan 2016
  • Member states plead for more time for MiFID

    A fight between the European Commission and the member states of the Union could allow the Markets in Financial Instruments Directive II to split into myriad national interpretations — a nightmare for those trying to implement the complex new rules.

    • 28 Jan 2016
  • AIB enjoys strong reception for first Irish covered bond of 2016

    AIB Mortgage Bank attracted robust demand for its seven year covered bond, the first deal from Ireland this year. The transaction benefitted from a very attractive spread to the government curve compared with deals issued by Spanish and Italian banks, and the return of demand from asset managers.

    • 28 Jan 2016
  • Deutsche AT1 bounces after Q4 results

    Deutsche Bank will focus on 2016 as a "peak restructuring year" and its executive board will forgo bonuses as the bank attempts to regroup after a full year loss of €6.8bn in 2015.

    • 28 Jan 2016
  • Deutsche Pbb shows off new-look investor base

    Deutsche Pfandbriefbank took a plunge into the euro senior market on Thursday, overcoming an uncertain backdrop to print a deal that leads claimed could transform its future investor base.

    • 28 Jan 2016
  • RBC back with quickfire A$ floating 5yr

    Royal Bank of Canada (RBC) issued a five year Aussie dollar floater on Wednesday, attracting strong demand from Australian and Asian investors.

    • 28 Jan 2016
  • Syndicate veteran to run credit sales at Lloyds

    One of Lloyds Bank's most senior syndicate officials will switch jobs and run credit sales for the firm.

    • 28 Jan 2016
  • You’re only supposed to bail the bloody bonds in

    Italian non-performing loan securitizations will now come with a government guarantee, after months of negotiations between the state and the European Commission resulted in a rather rosy outcome for the country’s banks this week.

    • 28 Jan 2016
  • Kookmin opens books

    Kookmin Bank was set to open books for its second dollar-denominated legislative covered bond on Thursday.

    • 28 Jan 2016
  • UKAR tenders for B&B’s covered bonds

    UK Asset Resolution, the UK government’s holding company that owns the mortgage book of Bradford and Bingley (B&B) following its nationalisation in September 2008, has announced a tender offer and early redemption of the issuer’s covered bonds.

    • 28 Jan 2016
  • SPDB prices landmark Rmb20bn green bond

    China got its first taste of domestic green bonds this week with Shanghai Pudong Development Bank printing a massive Rmb20bn ($4.3bn) transaction that was well received by the market.

    • 28 Jan 2016
  • Kookmin, HNA Group woo dollar bond investors

    South Korea’s Kookmin Bank is looking to price its second covered bond on Thursday, while HNA Group is out to tap its existing dollar notes that were issued two months ago.

    • 28 Jan 2016
  • RBS takes £3.6bn hit in legacy clean-up

    Royal Bank of Scotland announced £3.6bn of extra costs related to litigation and pensions on Wednesday, which will take the part-nationalised lender to a full year loss.

    • 27 Jan 2016
  • Santander’s profits could still be hit by Abengoa

    Earnings at Santander matched market expectations, but analysts argued that fully provisioning losses on its Abengoa exposures would have taken the bank to a fourth quarter loss.

    • 27 Jan 2016
  • Rabo capital chief moves on

    Rabobank’s treasury has lost its head of capital and secured products to its own investment bank.

    • 27 Jan 2016
  • EC group mulls ripping up bank capital rulebook

    Subordinated senior unsecured debt could become a thing of the past almost as soon as it came into being if a European Commission group of banking experts can persuade officials to reopen regulatory negotiations to harmonise capital rules and redefine tier two capital.

    • 27 Jan 2016
  • Covered bonds return as FIG looks to February

    European banks continued with their cautious approach to primary markets this week, but with covered bonds returning to the fore hopes are rising for a more exciting February.

    • 27 Jan 2016
  • TD issues fourth sterling deal at widest spread, but cheaper than euros

    Toronto Dominion Bank opened books for the fourth three year floating rate sterling benchmark of the year and was set to price the deal at the widest spread of the year. Kreissparkasse Koeln has announced a sub-benchmark sized eight year Pfandbrief.

    • 27 Jan 2016
  • CBA pays less for 15 year than five year funding

    Commonwealth Bank of Australia has successfully issued the first euro covered bond from an Australian bank in nearly 12 weeks. Swapped back into Australian dollars the 15 year tranche provided cheaper funding than the five year.

    • 27 Jan 2016
  • The lowdown: Panda bonds

    Panda bonds were thrust back into the limelight when the market was reopened by China in 2015 with many high profile issuers lining up to sell deals. But what are Panda bonds and why should you care? Here’s GlobalRMB’s quick guide to all you need to know.

    • 27 Jan 2016
  • No more covered bond snobbery about pass throughs

    Established covered bond investors are often sceptical about conditional pass through deals. The structure allows the maturity of their investments to be extended, perhaps by decades. But they could be safer than long dated bullet deals.

    • 26 Jan 2016
  • No more covered bond snobbery about pass throughs

    Established covered bond investors are often sceptical about conditional pass through deals. The structure allows the maturity of their investments to be extended, perhaps by decades. But they could be safer than long dated bullet deals.

    • 26 Jan 2016
  • Monte dei Paschi’s patriotic mystery

    As Monte dei Paschi di Siena’s shares gyrated last week, losing up to 34% of their value, the bank received a high honour, for a second year running — top primary dealer for Italian sovereign bonds.

    • 26 Jan 2016
  • Floaters dominate MTN market in low rate environment

    A difficult start to 2016 has led public markets looking subdued at best. Issuers and investors alike are turning to the private placement market to get deals done.

    • 26 Jan 2016
  • PRA’s Bailey takes reins at FCA

    After casting the net “far and wide” for a new chief executive of the Financial Conduct Authority, HM Treasury has landed on the Prudential Regulatory Authority’s own chief.

    • 26 Jan 2016
  • Italy left behind as EU asset quality improves

    Non-performing loan ratios in all major European banking systems either improved or remained level in 2015, except for Italy’s.

    • 26 Jan 2016
  • Tighter repo rules may spur CPTs

    The European Central Bank’s extra haircuts for covered bond repo, which took effect on Monday, could spur issuers to consider using conditional pass through (CPT) structures. The higher ratings issuers can achieve using CPT structures mean lower haircuts.

    • 26 Jan 2016
  • SCBC tightens pricing, WL does not

    Two covered bond issuers from Sweden and Germany launched euro benchmarks on Tuesday. Both transactions were healthily oversubscribed, but with a wider starting spread, Swedish Covered Bond Corporation (SCBC) was able to issue a much larger volume, and tighten pricing during the bookbuild.

    • 26 Jan 2016
  • IBA breaches covenants in 'bad bank' creation

    Bondholders of a $211m private placement issued by the International Bank of Azerbaijan (IBA) met last week to discuss the bank’s request for a waiver after it unknowingly breached the bond's covenants.

    • 26 Jan 2016
  • Resolution hits ratings as Deutsche downgraded

    The treatment of senior unsecured debt in Germany and Italy has led to the downgrading of a number of banks' ratings by Moody's.

    • 26 Jan 2016
  • EU criticised on Irish senior bail-in

    An audit of bailouts during the sovereign debt crisis has pointed to inconsistencies in the European Union’s handling of different states, while claiming that a bail-in of Irish banks’ senior bondholders could have been contained.

    • 26 Jan 2016
  • Shanghai Pudong wins approval for green bond

    China's green bond market is set to have a breakthrough year in 2016 as Shanghai Pudong Development Bank receives approval to issue a green bond in the local market.

    • 26 Jan 2016
  • WL Bank mandates for a 10 year, SCBC for a five year

    WL Bank mandated leads for the second €500m 10 year of 2016 from a German bank this year, and the fifth 10 year overall. Meanwhile, SCBC will follow DNB Boligkreditt with the fourth five year from a bank outside the Eurozone.

    • 25 Jan 2016
  • Kookmin lines up in dollars, others in euros

    Primary covered bond activity is expected to pick up later in the week both in euros and dollars where Kookmin is expected to issue its second legislative deal. The secondary market for covered bonds was steady, if relatively muted, on Monday.

    • 25 Jan 2016
  • Deka makes rare run down euro gauntlet

    DekaBank made a rare appearance in the public bond market on Monday, but found itself the only FIG borrower active in euros as sentiment took a turn for the worse.

    • 25 Jan 2016
  • SSAs, FIGs get nod for Thai baht bonds

    Thailand’s Ministry of Finance has given approval to four foreign institutions to issue baht-denominated bonds by September 30.

    • 25 Jan 2016
  • ABC seeks approval for tier two issuance

    One of China’s big four banks, Agricultural Bank of China, is seeking shareholder approval to issue Rmb80bn ($12.16bn) worth of Basel III tier two capital notes in the period up to the end of 2018.

    • 25 Jan 2016
  • French banks benefit from ECB-induced respite

    BNP Paribas and Compagnie de Financement Foncier seized the chance to issue euro benchmark covered bonds on Friday after sentiment improved overnight. But with spread widening likely to resume before long, one major investor felt the long 10 year from CFF would fare better than the tightly priced five year from BNPP, even though the CFF deal was only just subscribed.

    • 22 Jan 2016
  • UniCredit launches third tender for retail sub debt

    UniCredit has offered to buy back up to €1.8bn of subordinated bonds mainly held by retail investors for the third time this year, as it looks to clean up its capital structure.

    • 22 Jan 2016
  • LBBW seizes moment after ECB bounce

    LBBW decided to launch €1.25bn of three year fixed rate senior notes on Friday, after hints of more stimulus from the European Central Bank gave a boost to market sentiment.

    • 22 Jan 2016
  • Alfa lines up successor to Lawrence

    Igor Knyazev will be taking over the role of group treasury chief at Alfa Bank in Russia when Michael Lawrence retires in June.

    • 22 Jan 2016
  • The heat is on over Heta as creditors prep revolt

    A large group of investors is determined to reject a buyback offer on billions of euros in soured bonds guaranteed by the Austrian State of Carinthia — an offer that may represent the province's only chance of avoiding an unprecedented bankruptcy. Covered bonds are unaffected.

    • 22 Jan 2016
  • Storm RMBS offers attractive pricing

    The European ABS market is rolling on despite wider market volatility, with Obvion releasing what market participants have described as “attractive” price thoughts for its Storm 2016-1 Dutch RMBS deal.

    • 22 Jan 2016
  • Updated: Industrial Bank to plant China’s first domestic green bond

    China’s domestic green bond market is finally set to open with Industrial Bank poised to become the first issuer, having received the People’s Bank of China’s approval this week.

    • 22 Jan 2016
  • Goldman takes turn in litigation limelight

    Litigation and settlement costs are still defining the fortunes of the US banks, but this year, it is Goldman’s turn to suffer, while the other Wall Street firms bounce back.

    • 21 Jan 2016
  • FMS-WM tenders for Depfa covered bonds

    FMS Wertmanagement has launched two separate tender offers on the Irish Stock Exchange for euro, Swiss franc, US and Canadian dollar denominated covered bonds issued by Depfa Bank and Depfa Pfandbrief Bank SA.

    • 21 Jan 2016
  • FIG primary market sees January issuance crumble

    The European primary market has been left almost bare this week, as a run of gloomy headlines weighed on secondary performance and left investors cautious.

    • 21 Jan 2016
  • Wall Street big hitters silenced amid global sell-off

    Lloyds Banking Group was the only FIG issuer to brave the senior unsecured dollar market this week as Wall Street’s biggest banks postponed their traditional post-earnings dash and issuance stalled at a seven-year low.

    • 21 Jan 2016
  • CFF defers covered bond, blames market condition

    Compagnie de Financement Foncier had been expected to open books for a 10 year benchmark on Wednesday, but postponed the deal blaming market conditions. Rival bankers said the long tenor was the wrong choice for the weak market.

    • 21 Jan 2016
  • Brits to frontload to avoid Brexit brouhaha

    UK banks could look to stockpile their funding in 2016, as the country’s forthcoming EU membership referendum will cause capital markets to snarl up later in the year.

    • 21 Jan 2016
  • Italy and China make worrisome bedfellows

    The economies of Italy and China do not appear to have much in common. Italy’s government would welcome a GDP growth rate of 1%, while China expands at less than 7% and investors take flight. One is a sclerotic, decaying Western country, the other is a dynamic Asian tiger. Such is the conventional wisdom.

    • 21 Jan 2016
  • Crédit Agricole draws solid interest in hard market

    Crédit Agricole issued the one and only covered bond of the week on Thursday and showed that it is possible to get a strong outcome in a tough market.

    • 21 Jan 2016
  • Italian banks suffer sub sell-off as investors flee the riskiest institutions

    Renewed concerns about Italian banks’ high levels of non-performing loans triggered a severe sell-off of their subordinated bonds this week, as the market enters the new bail-in era.

    • 21 Jan 2016
  • The heat is on over Heta as creditors prep revolt

    A large group of investors is determined to reject a buyback offer on billions of euros in soured bonds guaranteed by the Austrian State of Carinthia — an offer that may represent the province's only chance of avoiding an unprecedented bankruptcy, writes Graham Bippart.

    • 21 Jan 2016
  • Two thirds switch out of covered bonds, says Fitch

    A survey of 35 investors polled by Fitch at the end of last year suggested around two-thirds are switching out of covered bonds to other asset classes.

    • 21 Jan 2016
  • Crédit Agricole reopens covered bonds

    Crédit Agricole issued the first covered bond of the week on Thursday and showed that it is possible to get a strong outcome despite a tough market, something which eluded Compagnie de Financement Foncier on Wednesday.

    • 21 Jan 2016
  • Portugal may compensate Novo Banco bondholders

    The Bank of Portugal could compensate Novo Banco bondholders who were written down at the end of last year, as the controversial bail-in comes under further scrutiny.

    • 21 Jan 2016
  • Deutsche litigation charge takes bank to loss

    Deutsche Bank has said it will make a full year loss for 2015, and a loss in the fourth quarter, with a litigation charge of €1.2bn in the fourth quarter, and an €800m restructuring charge. The new charge will take Deutsche’s litigation provisions for the year to €5.2bn.

    • 21 Jan 2016
  • Volatility strikes KEB Hana’s first G3 bond

    KEB Hana Bank battled choppy markets with its first international outing after its merger. As volatility heightened during bookbuilding, the lender opted to scale back the size of the deal in exchange for tighter pricing.

    • 21 Jan 2016
  • Goldman earnings slide as big MBS settlement, FICC troubles take toll

    A big MBS settlement and a continued slump in trading and fixed income, currencies and commodities businesses slashed net earnings at Goldman Sachs by 65% in the fourth quarter of 2015.

    • 20 Jan 2016
  • Novo vote could undermine CDS, warn traders

    As a decision on whether Novo Banco has triggered a government intervention credit event heads to external review after weeks of ISDA Determinations Committee wrangling, some market participants are worried that a 'no' will reduce the value of financial credit default swaps, while others warn that a European-only result could open a rift with US contracts.

    • 20 Jan 2016
  • Canada to consult on covered bond limit

    Canada’s Office of the Superintendent of Financial Institutions (OSFI) could allow the country’s banks to issue more covered bonds. The supervisor will begin a consultation this year which may lead to a change of the 4% limit on covered bond issuance.

    • 20 Jan 2016
  • Bank of America flatlines as firm builds energy reserves

    Lower litigation costs helped Bank of America's wholesale business in the fourth quarter last year, but profits took a hit as the bank built its reserves against losses on its energy lending.

    • 20 Jan 2016
  • CFF shelves only covered bond of the week

    Compagnie de Financement Foncier had been expected to open books for the first covered bond of the week on Wednesday but postponed the deal as market conditions deteriorated. Apart from the unfortunate timing, rival bankers said the long tenor was the wrong choice for the weak market.

    • 20 Jan 2016
  • Old Money: UK banks finally losing concentration?

    Britain's banking market is a frenzy of new arrivals and challengers to the old order. The Bank of England even set up a New Banks Unit this week to welcome them all. But for most of history, the trend has run in the opposite direction.

    • 20 Jan 2016
  • Periphery banks in crosshairs with stress tests looming

    Southern European lenders are back on the defensive as a European Central Bank inspection of non-performing loans drives a pronounced sell-off in equities and subordinated debt.

    • 20 Jan 2016
  • Sidelined banks find opening in dollars

    Lloyds, Dexia Crédit Local and Wells Fargo have all sought dollar funding this week, turning away from a bare European market to take advantage of a brighter tone in the US after bank results.

    • 20 Jan 2016
  • Pay under pressure at Morgan Stanley

    Pay is likely to be under pressure at Morgan Stanley, as the firm shrank its compensation costs from $2.4bn in 2014 to $1.4bn last year in its Institutional Securities division.

    • 20 Jan 2016
  • Dollars only game in town for FIG borrowers

    The dollar has been left as the only accessible currency for European banks looking to print benchmark debt so far this week, as even covered bonds succumb to a global market rout.

    • 20 Jan 2016
  • BoCom HK rakes in Chinese bank money in dollar return

    Bank of Communications Hong Kong showed that the year's volatile start is no problem for some issuers, bringing a $500m bond this week, which was driven by Chinese bank money. Bankers lauded the trade as BoCom pulled in a six times covered book without having to pay up.

    • 20 Jan 2016
  • KEB Hana out with first G3 bond since merger

    South Korea’s KEB Hana Bank has gone live with the first international bond since its merger, launching a dollar deal on Wednesday morning.

    • 20 Jan 2016
  • Yes Bank signs green bond, equity MoU with LSE

    Indian lender Yes Bank signed a memorandum of understanding with the London Stock Exchange (LSE) on Tuesday to develop bond and equity issuance that focus on green infrastructure finance.

    • 20 Jan 2016
  • Italian chaos raises questions for regulators

    The ECB can’t risk large disruptions in the European capital markets it is trying to support, nor paranoid doom spirals in the banks it supervises. So it needs care when and how it communicates with the market.

    • 19 Jan 2016
  • FMS-WM tenders for DEPFA bonds, plans to buy more

    FMS Wertmanagement has launched two separate tender offers on the Irish Stock Exchange for euro, swiss franc, US and Canadian dollar denominated covered bonds issued by DEPFA Bank and DEPFA Pfandbrief Bank SA.

    • 19 Jan 2016
  • CNP prints super long private tier two

    CNP Assurances has turned to the private market to print a $500m tier two, which is now the French issuer's longest outstanding debt.

    • 19 Jan 2016
  • Italian covered bond bids hard to find

    Spreads on covered bonds from Italy’s weaker credits have shot skyward this week, with indicative bids in the worst affected names out by at least 25bp since the start of the year. The moves have followed renewed concerns over their non-performing loans.

    • 19 Jan 2016
  • CFF to test covered bond appetite

    Compagnie de Financement Fonciere is expected to open books for a euro benchmark covered bond on Wednesday, which in light of market turbulence and the long 10 year tenor, may need to offer a tempting initial concession. Market conditions permitting, another issuer could brave the market with an alternative offering.

    • 19 Jan 2016
  • Fresh fears for Italian banks as sub debt tumbles

    The Italian subordinated debt market has come under further pressure this week, with spreads shooting wider amid renewed concerns about banks’ high levels of non-performing loans.

    • 19 Jan 2016
  • CBSBF jumps on market rally

    Central Bank of Savings Banks Finland (CBSBF) pounced on the first sign of parting clouds in the global markets on Tuesday, dashing into the FIG market with a short dated floater.

    • 19 Jan 2016
  • Créd Ag ramps up restructuring efforts

    Crédit Agricole is planning a radical restructuring of its regional bank model in what it calls an “ambitious project” to improve its capital structure.

    • 19 Jan 2016
  • BoCom, CNMM open books for dollar bonds

    The Asian bond market woke up to a pair of Chinese investment grade credits on Tuesday with Bank of Communications Hong Kong and China Nonferrous Metal Mining looking to tie up their respective dollar deals.

    • 19 Jan 2016
  • Appetite for core European and non-Eurozone supply

    The supply outlook for covered bonds issued by well rated borrowers in Europe’s core and issues outside the eurozone is constructive, particularly in the defensive three to five year area, bankers told The Cover on Monday. However, with demand for peripheral supply less assured, the supply outlook for all but the very best names is set to remain challenging.

    • 18 Jan 2016
  • Trading shines at Citi, but investors sceptical

    Markets and banking helped drive Citi’s better-than-expected fourth quarter earnings, but the results still failed to convince investors that the bank has a clear path to growth.

    • 18 Jan 2016
  • Kookmin return deal questioned

    South Korea’s Kookmin Bank has selected four banks to run a potential return to the covered bond market, but a source at the issuer said that due to unfavourable market conditions, there’s a possibility that the deal will not materialise.

    • 18 Jan 2016
  • January issuance halved as volatility dogs FIG

    Year to date FIG issuance volumes are barely half what they were in 2015, as a seemingly endless run of poor headlines has weighed on performance and left investors wary.

    • 18 Jan 2016
  • Virgin RMBS attracts healthy demand, UK and Dutch deals to follow

    Virgin Money's prime UK RMBS Gosforth Funding 2016-1 was priced on Friday and attracted strong demand across all three currencies on offer. Further RMBS supply is expected from UK and Dutch issuers.

    • 18 Jan 2016
  • Decisons, decisons: Kookmin mulls covered bond return

    South Korea’s Kookmin Bank has selected four banks to run a potential return to the covered bond market, but a source at the issuer said that due to unfavourable market conditions, there’s a possibility that the deal will not materialise.

    • 18 Jan 2016
  • It’s time to end the age of the central bank

    Central banks have become arguably the most important institutions in the world. With the autonomy to act with a resolve governments rarely match, it’s no wonder politicians have pinned so much hope on them. But elected leaders must take the reins back.

    • 14 Jan 2016
  • Investors drool over Canadian and UK covered bonds

    Covered bonds issued this week from Lloyds and Bank of Nova Scotia were among the largest seen this year and attracted the biggest order books.

    • 14 Jan 2016
  • Yankee banks seize dollar mart before Wall St return

    Yankee banks took advantage of an improved market backdrop and US earnings blackout to jump into the dollar market this week.

    • 14 Jan 2016
  • Macquarie follows NAB’s lead for eight year Swissie

    Macquarie Bank printed an eight year Swiss franc bond this week, mimicking an earlier effort from compatriot National Australia Bank.

    • 14 Jan 2016
  • AT1 primary in rude health but secondary showing early shock

    Crédit Agricole and Intesa Sanpaolo required big premiums to reopen the euro and dollar additional tier one (AT1) markets this week, and bankers fear others will have to follow due to poor secondary liquidity in the product.

    • 14 Jan 2016
  • Gorman’s long game costs Fleming top spot

    The abrupt departure of Greg Fleming shows Morgan Stanley’s top boss is delivering on his promise to make nurturing the next generation of leaders a defining aspect of his regime, writes David Rothnie

    • 14 Jan 2016
  • Global growth fears put brakes on nervy FIG

    Financial institution bond supply finally succumbed to the gathering global gloom this week, with busy sessions and slimming premiums giving way to a near halt in activity on Thursday.

    • 14 Jan 2016
  • Pohjola Bank EUR500m 0.936% June 21

    • 14 Jan 2016
  • Nationwide Building Society GBP500m 3.25% Jan 28

    • 14 Jan 2016
  • NordLB EUR750m 1% Jan 21

    • 14 Jan 2016
  • Crédit Agricole USD1.25bn 8.125% AT1

    • 14 Jan 2016
  • Mediobanca EUR600m 1.65% Jan 21

    • 14 Jan 2016
  • BPCE EUR1bn 0.625% Apr 20

    • 14 Jan 2016
  • Intesa Sanpaolo EUR1.25bn 7% AT1

    • 14 Jan 2016
  • Svenska Handelsbanken GBP250m 2.375% Jan 22

    • 14 Jan 2016
  • ABN Amro EUR1bn 2.875% tier two

    • 14 Jan 2016
  • BFCM EUR1.25bn 1.625% Jan 26

    • 14 Jan 2016
  • Covered bond market busy with core supply

    Five issuers from core Europe priced covered bonds this week but the standout success, which could have been priced without the European Central Bank’s help, was the first Austrian deal of the year from Erste Bank.

    • 14 Jan 2016
  • BBVA EUR1bn 1% Jan 21

    • 14 Jan 2016
  • French banks get a boost from bail-in clarity

    Plans to create a new tier of debt in France has put minds at ease about the status of existing senior bonds, bolstering their performance and clearing the way for what could be a very busy year for French banks.

    • 14 Jan 2016
  • Cédulas market reopens, but wider spreads spark concern

    A trio of Spanish issuers launched the first covered bonds of the year from southern Europe this week but, with peripheral spreads widening sharply, conditions are not conducive to further supply.

    • 14 Jan 2016
  • JPM profit soars as legal costs drop

    JP Morgan’s corporate and investment bank (CIB) reported an 80% increase in profit in the fourth quarter, as the division’s legal fees and compensation dropped 20%.

    • 14 Jan 2016
  • Covered bond issuers hold back

    The covered bond primary market was quiet on Thursday as weak credit market conditions prevailed, and with this year’s supply double the amount seen in the same period last year, indigestion has weighed on spreads. Though it is still early days, banks with this year’s largest market shares are quite distinct from those of 2015.

    • 14 Jan 2016
  • Hedge funds flee AT1 as Créd Ag book close to $4bn

    Additional tier one paper (AT1) from Intesa Sanpaolo and Crédit Agricole was holding firm in secondary on Thursday, despite global equities flashing red again, and bankers feel a lack of fast money is helping the asset class.

    • 14 Jan 2016
  • Under pressure: growing gloom puts FIG on pause

    FIG issuance ground to a halt on Thursday as borrowers paused to reflect on weak secondary trading and a global sell-off in equities, leaving Dexia Crédit Local alone in the market.

    • 14 Jan 2016
  • Big name bank funding chief quits

    One of the bond market's best known heads of treasury has stepped down and is heading to another financial institution, GlobalCapital understands.

    • 13 Jan 2016
  • BFCM sets benchmark with giant MTN

    Banque Fédérative du Crédit Mutuel has come to market with 2016's largest medium term note (MTN) so far.

    • 13 Jan 2016
  • Spanish encumbrance is falling but still high

    Spanish banks are becoming less reliant on the covered bond market, said Fitch, and as a consequence their balance sheets are becoming less encumbered.

    • 13 Jan 2016
  • Bankers urge caution as senior gets tight

    Pohjola Bank and NordLB paid slim new issue concessions for five year senior debt on Wednesday, but market participants pointed to the dangers of pushing spreads in too tightly.

    • 13 Jan 2016
  • Santander jumps Spanish queue to compete with Deutsche

    Deutsche Bank’s Spanish subsidiary launched a seven year deal on Wednesday, its second publically syndicated covered bond, but it had to compete for attention with Banco Santander, which decided to bring a new 10 year deal on the same day.

    • 13 Jan 2016
  • Pfandbriefe feel CBPP3’s pernicious influence

    Raiffeisen-Landesbank Steiermark and Bayerische Landesbank issued Austrian and German Pfandbrief, respectively, on Wednesday. The fact that the Austrian deal was only just oversubscribed and the German deal was placed only with domestic investors reflected the pernicious influence of the covered bond purchase programme (CBPP3).

    • 13 Jan 2016
  • Nationwide keeps funding foot down

    Nationwide Building Society has continued its funding surge into 2016, offering sterling investors a rare chance to pick up long dated senior unsecured paper from a UK lender.

    • 13 Jan 2016
  • BoE to tighten bonus buy-out rules

    The Bank of England is proposing to allow banks to take back the bonuses they pay to buy financiers out of their contracts with competitor firms.

    • 13 Jan 2016
  • Investors take on risk as AT1 finds footing

    Financial institutions have taken an early plunge into additional tier one bonds this week, as European and US investors show willing to take on risk and put cash to work.

    • 13 Jan 2016
  • Ping An revels in strong debut showing

    The drawing power of one of Asia’s top credits was on show this week with Ping An Life Insurance Co of China debuting in the dollar bond market with a $1.2bn deal that was multiple times covered across two tranches.

    • 13 Jan 2016
  • Woori Bank picks pricing over diversification

    South Korea’s Woori Bank sealed a 144A return to the international bond market on January 12. The issuer’s aggressive pricing strategy kept US investors at bay, but it was unavoidable as the borrower wanted cheap funding, said bankers on the deal.

    • 13 Jan 2016
  • Novo Banco CDS heads to external review as ISDA hits deadlock

    ISDA’s EMEA Determinations Committee has referred Novo Banco credit default swaps to an external review, after failing to achieve a “supermajority” with its binding vote on whether the Portuguese bank has triggered a government intervention credit event.

    • 12 Jan 2016
  • ISDA overhaul is grounds for dancing in the street

    The International Swaps and Derivatives Association (ISDA) pledged to tighten up the standards that govern its Credit Derivatives Determinations Committee, a welcome move at a time when the committee’s role is evolving and it is assuming greater importance as a quasi-legal authority.

    • 12 Jan 2016
  • Mediobanca, RBC squeeze senior premiums

    Investors barely charged Mediobanca and Royal Bank of Canada on Tuesday for printing new five year senior bonds.

    • 12 Jan 2016
  • Bankia opens peripheral market with €1bn five year

    Bankia became the first peripheral covered bond issuer this year, offering a five year euro benchmark at a juicy premium to the Spanish sovereign.

    • 12 Jan 2016
  • BNS follows BMO into euro short end

    Bank of Nova Scotia (BNS) became the third Canadian issuer to land a euro benchmark this year, launching a €1.5bn three year deal on Tuesday that quickly built momentum despite competing with three other deals for investors’ attention.

    • 12 Jan 2016
  • 'Future bright' for Intesa after euro AT1 bow

    Intesa Sanpaolo opened the 2016 additional tier one (AT1) market on Tuesday with its euro debut, and is now over halfway to its 2017 issuance target.

    • 12 Jan 2016
  • Four more covered bond issuers line up with deals

    Deutsche Bank SA, Kookmin Bank, BayernLB and RLB Steiermark have mandated leads for covered bonds to be issued on Wednesday.

    • 12 Jan 2016
  • AT1 liquidity bites as Créd Ag reopens dollars

    Poor liquidity in the additional tier one market could keep new issue premiums in the product high for some time to come, according to some FIG bankers, who saw Crédit Agricole seek the depth of the dollar market again on Tuesday.

    • 12 Jan 2016
  • Erste re-opens Austrian covered bond mart

    Erste Bank issued the first Austrian Pfandbrief of the year, attracting a comfortably oversubscribed book and setting a strong start for issuers from the beleaguered country. At the same time, Deutsche Pfandbriefbank issued a tightly priced and larger than expected German Pfandbrief.

    • 12 Jan 2016
  • Basel resolves not to increase leverage ratio

    The Basel Committee on Banking Supervision has agreed not to increase the leverage ratio requirement — a big win for banks already struggling to stay abreast of new capital rules.

    • 12 Jan 2016
  • Pioneer hunts yield with new sub debt fund

    Pioneer Investments has set up a new fund to target the returns available in subordinated FIG debt, in response to the paltry yields on offer in the investment grade credit sector.

    • 12 Jan 2016
  • The show is on the road: TLAC in 2016

    Banks now know where they need to be in terms of the FSB’s total loss absorbing capacity (TLAC) requirements, but one big problem remains: how they’re going to get there. Tyler Davies reports.

    • 12 Jan 2016
  • Macquarie Bank follows NAB Swissie lead

    Australian lender, Macquarie Bank printed an eight year Swiss franc bond on Monday, mimicking its compatriot National Australia Bank's effort a weak earlier.

    • 12 Jan 2016
  • Ping An, Woori, China Energy find dollar windows

    Ping An Life Insurance Company of China started building books for its inaugural dollar bond on Tuesday, while South Korea’s Woori Bank and China Energy Reserve and Chemicals Group are also wooing investors for their respective dollar deals.

    • 12 Jan 2016
  • PBB and Erste line up for Tuesday

    Deutsche Pfandbriefbank and Erste bank have mandated joint leads for euro denominated covered bond benchmarks to be launched on Tuesday.

    • 11 Jan 2016
  • Investors take on risk as euros heat up

    BBVA, BFCM and BPCE met with strong investor demand for euro senior unsecured deals on Monday, as peripheral and longer dated debt proved no deterrent to buyers.

    • 11 Jan 2016
  • Stan Chart promotes capital markets pair

    Standard Chartered Bank has made two promotions — crowning a new head of capital markets for Americas and Europe and a new head of European syndicate.

    • 11 Jan 2016
  • Lloyds trumps SG in covered bonds

    Lloyds and Société Générale both returned to the covered bond market to issue their first euro-denominated benchmarks of the year on Monday. The UK bank issued in much larger size with an order book that grew far more quickly than the book for SG’s deal.

    • 11 Jan 2016
  • Intesa eyes €3bn AT1 as ABN cranks up capital

    Intesa Sanpaolo is set to print the first additional tier one transaction of 2016 after opening the dollar tier two market for European banks last week, while ABN Amro opened the euro bank capital market on Monday.

    • 11 Jan 2016
  • Weaker secondary points to further widening

    All but one of the primary euro denominated covered bonds issued this year, whether they can be bought by the ECB or not, have widened after issue.

    • 11 Jan 2016
  • Westpac prints largest ever NZ Swissie

    Westpac New Zealand priced an eight year Swiss franc note on Friday, the largest single tranche trade from a New Zealand bank ever in that currency.

    • 08 Jan 2016
  • Novo Banco credit event stumps ISDA and lawyers

    The fate of credit default swaps referencing Novo Banco still hung in the balance on Friday, with ISDA’s Determinations Committee unable to decide after three days of wrangling whether the Portuguese bank had triggered a government intervention credit event or a succession event.

    • 08 Jan 2016
  • BNPP shows investor support for French 'tier three' solution

    The euro senior unsecured market finally came to life on Friday, with investors swarming all over a landmark BNP Paribas seven year and a large Rabobank floater.

    • 08 Jan 2016
  • SR Boligkreditt offers up premium to DNB

    SR Boligkreditt hit the market with the second Norwegian covered bond of the week on Friday, with a five year €500m no-grow deal that offered a premium to Thursday’s successful five year deal from DNB.

    • 08 Jan 2016
  • Westpac NZ taps busy Swissie market

    Westpac New Zealand launched an eight year Swiss franc deal on Friday, making it the second international issuer in the market this week.

    • 08 Jan 2016
  • Santander shines but opco-holdco debate intensifies

    Santander UK was set to print a solid sterling senior holdco debut on Friday, but different views of the appropriate spread between opco and holdco debt meant rival bankers couldn't agree on fair value for the deal.

    • 08 Jan 2016
  • Estonia plans covered bonds law

    The Estonian government is working on a draft law that will allow local banks to issue covered bonds, said the Ministry of Finance.

    • 08 Jan 2016
  • Dutch government to EC: narrow gap between covered bonds and ABS

    The Dutch government has urged the European Commission to address the “unbalanced” regulatory treatment of securitization compared to covered bonds, complaining of “disproportionate” incentives to invest in covered bonds versus ABS.

    • 08 Jan 2016
  • Covered bonds set for another record breaking year

    After surpassing several milestones in 2015, the covered bond market should be set for another record-breaking year in 2016. Bill Thornhill talks to Société Générale CIB’s head of covered bond origination, Ralf Grossmann, and the bank’s senior covered bond research analyst, Cristina Costa, about their predictions and recommendations for the forthcoming year.

    • 08 Jan 2016
  • Virgin Money to bring multi-currency UK prime RMBS

    Virgin Money has mandated leads for a new UK prime RMBS deal from its established Gosforth shelf, which will be issued in multiple currencies and will look to attract US investors with a 144A registration.

    • 08 Jan 2016
  • Covered bonds set up for positive new year despite ECB

    Covered bond new issue spreads are wider today than when the European Central Bank began buying for its third purchase programme a year ago. Bill Thornhill examines the causes for this anomaly and considers how the market will look in 2016.

    • 08 Jan 2016
  • KEB Hana picks seven banks for dollar deal

    South Korea's KEB Hana Bank is set to meet investors next week ahead of its first foray into the dollar bond market since its merger.

    • 08 Jan 2016
  • Lloyds reopens sterling covered bonds

    Lloyds issued the first sterling covered bond of the year and was quickly followed by two overseas issuers who priced deals at successively wider levels.

    • 07 Jan 2016
  • Covered bonds eligible for CBPP3 struggle

    Borrowers who issued covered bonds this week that are eligible for the European Central Bank’s purchase programme (CBPP3) did not receive such a strong reception as those whose bonds were not eligible.

    • 07 Jan 2016
  • BES: A nasty New Year’s resolution

    The principle of pari-passu among bondholders lies dead and buried. The Bank of Portugal’s decision to select only five of Novo Banco’s 52 senior bonds for bail-in last week has established a new precedent for bank resolutions, and what a fine mess it has created.

    • 07 Jan 2016
  • Swiss storm table tops as TLAC takes hold of supply

    Credit Suisse and UBS dominated Dealogic’s European FIG bookrunner rankings for 2015, helped by their issuer parents cranking up their issuance of holdco and capital instruments.

    • 07 Jan 2016
  • Scary start to ’16 as share shock shutters senior sales

    FIG bankers are already fearing another window-driven year for FIG issuance after the financial markets’ torrid new year took another turn for the worse on Thursday.

    • 07 Jan 2016
  • NAB Swissie opens market in seven years

    National Australia Bank (NAB) priced a seven year Swiss franc note this week, making it the first international issuer in the currency for 2016.

    • 07 Jan 2016
  • StanChart board exec to retire

    Standard Chartered has announced that the group’s deputy chief executive officer will retire from the role and step down from the board at the end of April.

    • 07 Jan 2016
  • Soc Gen: Covered bonds set for another record breaking year

    After surpassing several milestones in 2015, the covered bond market should be set for another record-breaking year in 2016. Bill Thornhill talks to Société Générale CIB’s head of covered bond origination, Ralf Grossmann, and the bank’s senior covered bond research analyst, Cristina Costa, about their predictions and recommendations for the forthcoming year.

    • 07 Jan 2016
  • Non-CBBP3 eligible covered bonds see best overall demand

    Eleven covered bonds were priced in the first week of 2016 despite the onset of European holidays and US non-farm payroll data.

    • 07 Jan 2016
  • Baird backs Booth as big boss

    Milwaukee, Wisconsin-based Baird Financial Group, which manages some $150bn in client assets, announced a successor to its former chief executive Paul Purcell on Monday.

    • 07 Jan 2016
  • Novo Bank bond debacle sends CDS soaring

    Back in August 2014, I wrote a note that highlighted how the restructuring of Banco Espirito Santo (BES) exposed flaws in the 2003 ISDA credit default swap definitions, flaws that should be remedied by the new definitions introduced later that year.

    • 07 Jan 2016
  • Kelleher takes over as Morgan Stanley president

    Morgan Stanley has made a number of top-level staffing changes along with the appointment of its new president.

    • 07 Jan 2016
  • Clouds thicken around Novo Banco bail-in

    The Bank of Portugal ripped up the resolution rule book for its controversial bail-in of five Novo Banco senior bonds last week, throwing uncertainty on future resolutions and leaving investors to reassess their relationship with Portuguese bank debt, Tyler Davies reports.

    • 07 Jan 2016
  • FCA boss McDermott quits as Osborne seeks 'more mature' regulator

    Mounting pressure on UK chancellor of the exchequer, George Osborne to preserve London’s place as a global financial centre may have played a part in the Financial Conduct Authority interim chief executive’s decision, announced on Thursday, to withdraw her application for the permanent position.

    • 07 Jan 2016
  • BNS funds cheaper in sterling

    Bank of Nova Scotia issued the third sterling three year floating rate note of the week, paying a slightly wider spread than Nordea and Lloyds. While this led to questions about the depth of the sterling market, bankers said the differential was justified and noted that the final funding outcome was attractive compared to alternative markets.

    • 07 Jan 2016
  • ABN takes pragmatic approach

    ABN Amro was set to price a benchmark €1.25bn 10 year euro covered bond on Thursday. The long tenor, a busy market and volatile conditions meant it was not an easy trade to sell. But with the borrower taking a pragmatic approach by paying a generous concession, the final outcome was positive.

    • 07 Jan 2016
  • La Banque Postale offers wider NIP for seven year

    La Banque Postale closed a €500m seven year covered bond on Thursday, but bankers away from the deal said the continued influence of ECB purchasing was weighing on investor demand.

    • 07 Jan 2016
  • DNB issues in size with modest concession and performs

    DNB Boligkreditt drew over €2bn of orders for its €1.5bn five year covered bond on Thursday, and despite wider volatility the new issue concession was minimal.

    • 07 Jan 2016
  • Textbook execution for BMO

    Bank of Montreal (BMO) was set to issue a €1.5bn three year covered bond on Thursday after attracting the biggest order book for a Canadian bank in euros in the past year. The borrower’s decision to opt for a short tenor proved the perfect choice in the context of Thursday’s prevailing risk averse and volatile market.

    • 07 Jan 2016
  • NAB grabs $3.5bn in dollar bonanza

    National Australia Bank packed $3.5bn of funding into a multi-tranche deal on Wednesday, taking advantage of strong demand and a heightened risk appetite among US investors.

    • 07 Jan 2016
  • Share scare shutters senior as 2015 ghouls return

    FIG bankers are already fearing another window-driven year for FIG issuance after the financial markets’ torrid new year took another turn for the worse on Thursday.

    • 07 Jan 2016
  • Turkey capital buffer update may spark T2

    Turkey's banking regulator has increased the pressure on the country's banks to print new style subordinated bonds.

    • 07 Jan 2016
  • The never-ending journey: banks braced for next volley of regs

    Much rulemaking was published in 2015, but that doesn’t mean bankers are any clearer on what it means for their businesses. And as they wade through the thousands of pages of finalised regulation, the banking industry is highly likely to be faced with additional rules — and challenges —in 2016. Graham Bippart reports.

    • 06 Jan 2016
  • Banks as good citizens: should we believe them?

    Enormous effort has gone into improving banks’ public images with sustainability drives, charity giving and community involvement. Much of this is sincere, but the true tests come in banks’ real financing business — can they put ethics before profit? John M Anderson reports.

    • 06 Jan 2016
  • Blockchain: wisdom of crowds begins in blind competition

    Blockchain, the technology underlying bitcoin, is coming to a back office, and clearing house, and bank, and front office near you. Instead of one authority keeping records, everyone will. That’s the idea, anyway, of a wave of start-ups rushing to build workable applications. How will clarity emerge from this ferment, and just how will it change the business of capital markets? Jon Hay reports.

    • 06 Jan 2016
  • Banks and the state: insufferable but inseparable

    We entrust our precious working capital to banks; they finance our dreams and provide revolving credit to get us through our nightmares.

    • 06 Jan 2016
  • Westpac warms up sterling for Santander

    Westpac NZ launched a sterling senior bond on Wednesday and Santander UK will soon follow with a debut holdco deal, as FIG's first signs of life in 2016 favour the UK market.

    • 06 Jan 2016
  • TLAC lays claim to 2016 with Barclays blockbuster

    Barclays has printed one of the largest dollar senior trades from a European bank in recent memory, as it and Santander UK took home $5bn of holding company debt between them on Tuesday.

    • 06 Jan 2016
  • Barclays storms dollars as covereds lead euros

    UK banks have wasted no time in plundering a deep dollar market for holding company senior debt this week, while euro investors have been restricted to a variety show of covered bonds.

    • 06 Jan 2016
  • NAB opens the Swiss franc market for international borrowers

    National Australia Bank (NAB) has priced a seven year Swiss franc note on Tuesday, making it the first international issuer in the currency for 2016.

    • 06 Jan 2016
  • Nordea follows Lloyds in sterling as BMO and DNB line up in euros

    Nordea Eiendomskreditt issued the second sterling three year floating rate covered bond of the year on Wednesday following the earlier success of Lloyds which reopened the market on Tuesday. And after a strong reception for Toronto Dominion’s (TD) euro five year benchmark, Bank of Montreal and DNB Boligkreditt mandated leads for euro denominated transactions to be priced on Thursday.

    • 06 Jan 2016
  • ISDA to weigh succession event for Novo Banco / BES

    ISDA’s Determinations Committee will meet at 12pm London time on Wednesday to decide whether Portugal’s Novo Banco has triggered a government intervention credit event, but will also deliberate a succession event in relation to the transfer of senior bonds to Banco Espirito Santo.

    • 05 Jan 2016
  • BES: A nasty New Year’s resolution

    The principle of pari-passu among bondholders lays dead and buried. The Bank of Portugal’s decision to select only five of Novo Banco’s 52 senior bonds for bail-in last week has established a new precedent for bank resolutions, and what a fine mess it has created.

    • 05 Jan 2016
  • A green bond that really did what it said on the tin

    The green bond wave is set to rise higher in 2016, but as before, most of the deals will not help the environment much. One bond that did was sold in the closing days of 2015 — but such deals are still bought only by a small fraction of investors.

    • 05 Jan 2016
  • Caffil dual trancher barely subscribed

    Caisse Francaise De Financement Local (CAFFIL) raised €1.5bn in the covered bond market on Tuesday with a two tranche public sector-backed deal. The higher yielding €500m 15 year tranche was subscribed, but the €1bn six year was not.

    • 05 Jan 2016
  • Harmonisation can benefit covered bonds, says Fitch

    Fitch has published a detailed response to the European Commission’s (EC) consultation on harmonisation of the covered bond market, outlining areas that could provide a material rating benefit in some countries, but adding that a degree of market fragmentation is inherent in the covered bond market.

    • 05 Jan 2016
  • LBBW’s Pfandbrief enjoys strong demand

    Landesbank Baden-Württemberg (LBBW) priced a well oversubscribed €750m four year Pfandbrief on Tuesday, paying a minimal new issue concession.

    • 05 Jan 2016
  • Lloyds out of the blocks with three year sterling floater

    Lloyds opened the sterling covered bond market on Tuesday with a three year floating rate bond. The deal encouraged another issuer to look to tap the market with the same instrument.

    • 05 Jan 2016
  • TD draws €1bn, tightens pricing

    The Toronto-Dominion Bank priced a €1bn five year covered bond on Tuesday, with the issuer able to tighten pricing from initial price thoughts on the back of strong demand for the non-ECB eligible paper.

    • 05 Jan 2016
  • Shah moves up at Lloyds

    Keval Shah has been promoted to head of bond syndicate at Lloyds Bank, GlobalCapital understands.

    • 05 Jan 2016
  • Barclays holdco debt imminent after senior tender

    Barclays has offered to buy back up to £7.5bn of senior unsecured notes, and could shortly be in the market with fresh holdco debt as it looks to satisfy regulatory capital requirements.

    • 05 Jan 2016
  • Swiss storm table tops as TLAC takes hold

    Credit Suisse and UBS dominated Dealogic’s European FIG bookrunner rankings for 2015, helped by their issuer parents cranking up their issuance of holdco and capital instruments.

    • 05 Jan 2016
  • ISDA agrees to rule on Novo Banco credit event

    The International Swaps and Derivatives Association has accepted a request from investors to rule on whether Portugal’s Novo Banco has triggered a government intervention credit event.

    • 04 Jan 2016
  • Banks seek capital change in MTNs

    Banks are some of the most prolific issuers of private medium term notes, but their use of the format is developing from pure funding to include capital. As a result, the MTN market could offer a crucial resource for issuers in the face of regulatory pressure. Jonathan Breen reports.

    • 04 Jan 2016
  • Covered bonds set up for positive new year despite ECB

    Covered bond new issue spreads are wider today than when the European Central Bank began buying for its third purchase programme a year ago. Bill Thornhill examines the causes for this anomaly and considers how the market will look in 2016.

    • 04 Jan 2016
  • Senior FIG banker leaves Natixis

    The global head of debt capital markets for financial institutions and public sector issuers at Natixis has left the bank.

    • 04 Jan 2016
  • Covered bonds to get busy next week

    LBBW mandated leads for a euro Pfandbrief, and Lloyds mandated for a sterling benchmark on Monday, while another issuer could emerge at short notice. But the primary covered bond market is not expected to pick up properly until next week as a European holiday on Wednesday and US Non-Farm Payrolls on Friday mean the only potential funding window this week is on Tuesday.

    • 04 Jan 2016
  • FIG and SSA DCM head leaves Natixis

    The global head of debt capital markets for financial institutions and public sector issuers at Natixis has left the bank.

    • 04 Jan 2016
  • Novo Banco senior takes shock hit

    The Bank of Portugal has made an unexpected decision to transfer five of Novo Banco’s senior bonds to Banco Espirito Santo (BES), raising legal questions about how the notes were selected.

    • 04 Jan 2016
  • FIG on back foot already with premiums to rise

    FIG bankers hoping for a smooth start to the year were disappointed on Monday as a Chinese stock market plunge caused a rocky morning on the secondary market.

    • 04 Jan 2016
  • GlobalCapital reveals 2015 FIG Deals of the Year

    The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the financial institutions, public sector, emerging markets and corporate bond markets. We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The FIG Deals of the Year 2015 winners are presented here.

    • 04 Jan 2016
  • Asia DCM off to a busy start in 2016

    Asia’s debt capital market is set for a busy start to the year with both repeat and debut issuers looking to sell dollar offerings as early as this week.

    • 04 Jan 2016

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,283.03 88 6.01%
2 HSBC 9,924.14 51 5.80%
3 LBBW 8,393.04 48 4.91%
4 Natixis 7,239.94 37 4.23%
5 UBS 7,025.55 38 4.11%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 55,206.99 242 6.06%
2 JPMorgan 52,753.76 271 5.79%
3 Citi 52,120.64 279 5.72%
4 Morgan Stanley 41,067.38 223 4.51%
5 HSBC 36,375.06 225 3.99%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 45,511.73 199 11.58%
2 JPMorgan 42,181.52 207 10.73%
3 Citi 40,920.97 214 10.41%
4 Morgan Stanley 30,577.16 152 7.78%
5 Goldman Sachs 27,936.22 261 7.11%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,939.43 23 6.77%
2 LBBW 5,403.66 21 6.16%
3 UniCredit 5,082.55 24 5.79%
4 HSBC 5,076.13 19 5.78%
5 Credit Agricole CIB 4,965.07 22 5.66%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 6,170.54 15 14.33%
2 UBS 4,233.38 20 9.83%
3 BNP Paribas 3,846.71 16 8.93%
4 Credit Agricole CIB 3,549.81 11 8.24%
5 HSBC 2,321.22 16 5.39%