• Pfandbrief trio get great execution in small size

    DekaBank, BayernLB and Berlin Hyp took the opportunity to issue in small sizes across the full range of maturities with deals that were all priced with a double digit spread through mid-swaps.

    • 01:45 PM
  • BPCE brings e-book first to Samurai market

    Groupe BPCE has become the first European issuer to use an electronic order book in the Samurai market, making it easier for the bank to execute its deal while not putting off investors, according to those on the deal.

    • 01:15 PM
  • Sparebank 1 leads way with first green residential covered bond

    Sparebank 1 Boligkreditt has issued the first covered bond secured solely on energy efficient green residential properties. The sizeable transaction was priced almost flat to fair value and placed with a newly diversified group of investors.

    • 01:00 PM
  • NAB’s RMBS to offer direct green/non-green price comparison

    The forthcoming mortgage securitization by National Australia Bank, which includes a green tranche, will be one of the first times any issuer has issued green and normal bonds at the same time that are identical in almost every other way. As such, it will offer a rare insight into pricing.

    • 12:45 PM
  • Vakifbank adds to senior supply

    Vakifbank opened books on Tuesday on the third senior 2023 from a Turkish financial institution this year and was expected to guide investors towards a sub-6% print.

    • 12:00 PM
  • Bank capital ‘ripping’ tighter in secondary market

    Subordinated bond deals from European financial institutions have zoomed tighter in secondary market trading this week, in anticipation of lower supply and ahead of the reporting period for full year earnings for 2017.

    • 12:00 PM
  • Westpac’s quick feet prove useful as spreads tighten in Swissies

    Westpac raised Swiss franc bonds on Monday, reaffirming the idea that financial institutions are best placed to act opportunistically in the Swiss market this year.

    • 22 Jan 2018
  • TD suggests unfaltering demand for sterling covered

    Even though sterling covered bond supply so far this year has been high, Toronto Dominion Bank showed on Monday that demand was also plentiful, as it was set to issue another tightly priced transaction with a strong book.

    • 22 Jan 2018
  • BPCE hits euros for two tranches of non-preferred

    Groupe BPCE was in the market raising non-preferred senior funding on Monday, as part of a plan to issue €4bn-€5bn in the asset class this year.

    • 22 Jan 2018
  • Investors plug €4.2bn into CA Assurances tier two

    Crédit Agricole Assurances caught market participants’ attention with a new tier two deal on Monday, building an order book of close to €4.2bn.

    • 22 Jan 2018
  • IKB tightens 50bp for unrated tier two deal

    IKB Deutsche Industriebank, an unrated German financial institution, was selling tier two capital in the euro bond market on Monday.

    • 22 Jan 2018
  • SCBC takes spread over size in Swedish sevens

    Despite mounting evidence of falling Swedish house prices and the likelihood that orders were lost at the re-offer spread, Swedish Covered Bond Corporation (SCBC) issued its tightest covered bond on Monday.

    • 22 Jan 2018
  • Zhongyuan Bank brings action to Chinese AT1 market

    Zhongyuan Bank Co is looking to raise Rmb10bn ($1.56bn) from an offshore additional tier one transaction, according to a Sunday filing with the Hong Kong Stock Exchange.

    • 22 Jan 2018
  • SCBC to test appetite for seven year Swedish covered bonds

    The Swedish Covered Bond Corporation has mandated joint leads for a seven year euro benchmark which is likely to be launched on Monday. The deal will be closely watched to see how it compares with Stadshypotek, which issued a seven year to a lacklustre reception in November.

    • 19 Jan 2018
  • Alpha mandates leads for soft bullet covered bond

    Alpha Bank has mandated leads for the third publicly syndicated Greek covered bond in three months. But in contrast to the first two deals, it has chosen a longer maturity with a soft bullet structure, instead of a conditional pass through.

    • 19 Jan 2018
  • Chinese issuers opt for keepwell structures

    Peking University Founder Group Company and Bank of Communications Financial Leasing Co used keepwell deeds for their dollar bond sales on Thursday, paying a bit of premium for the structure.

    • 19 Jan 2018
  • Investor price discrimination is the thin edge of the tapering wedge

    Primary covered bond sales have gone smoothly so far this year, with borrowers continuing to pay negligible new issue premiums and still attracting comfortably oversubscribed order books. But look a little closer and its clear there’s been a perceptible change. Investors are fighting back, and beginning to get their way.

    • 18 Jan 2018
  • Rates markets start to rock from pricing pushback

    It’s hard to fault the support the euro market has offered rates borrowers in the past week. Executions have been smooth, books well-filled and new issue premiums skinny. But, with ever more hawkish signals from the European Central Bank and steepening yield curves, the future does not look so rosy for borrowers. The balance of pricing power seems likely to shift in favour of investors.

    • 18 Jan 2018
  • BNP Paribas EUR500m Jan 23 non-preferred FRN

    • 18 Jan 2018
  • Raiffeisen Bank International EUR500m 4.5% PNC7.5 AT1

    • 18 Jan 2018
  • Banks land flurry of bail-inable deals in ‘optimal’ market

    Financial institutions have been making the most of extremely supportive conditions in global credit markets in 2018, with four banks printing bail-inable senior deals at very tight levels in euros this week.

    • 18 Jan 2018
  • Self-funders plunder dollar market after full year earnings

    Wall Street’s biggest banks hit the dollar bond market with multi-billion offerings after reporting fourth quarter earnings this week, and supply-starved investors piled into the new deals.

    • 18 Jan 2018
  • Société Générale EUR1.25bn 1.125% Feb 25 non-preferred

    • 18 Jan 2018
  • Deutsche Pfandbriefbank EUR500m 0.625% Feb 22 non-preferred

    • 18 Jan 2018
  • Barclays Plc EUR1bn 1.375% Jan 26

    • 18 Jan 2018
  • LeasePlan flies in hot FRN mart as industrial firms hang back

    The closest things to European corporate bond issues in euros on Thursday were a €200m sole-led issue for Deutsche Telekom, reported by Dealogic, and a €500m floater for LeasePlan, the Dutch car leasing bank.

    • 18 Jan 2018
  • Sparebank eyes green covered as Luxembourg plans law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market its first green covered bond. The move coincided with proposals from lawmakers in Luxembourg for a green covered bond framework.

    • 18 Jan 2018
  • Covered bond 10 year trio hoovered up with ease

    NIBC, Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) and BayernLB were easily able to sell 10 year covered bonds issued this week, thanks to their small size and European Central Bank demand.

    • 18 Jan 2018
  • Non-eurozone covered issuers favour fives

    DNB Boligkreditt and Canadian Imperial Bank of Commerce this week issued the first five year covered bonds of the year and found strong demand, even though there was a sensitivity around the final spread.

    • 18 Jan 2018
  • Second time lucky for Fibabanka senior bond

    Fibabanka has launched its $300m five year senior unsecured bond at 6%, with leads having built a book of just under $500m for the bond, which had been postponed from October.

    • 18 Jan 2018
  • MUFG talks to investors about green senior

    Mitsubishi UFJ Financial Group is the latest Japanese bank to market a green bond in euros, with a five year senior trade. Proceeds are earmarked for renewable energy projects.

    • 18 Jan 2018
  • Ring-fencing UK covered bonds is positive

    UK issuers propose to include their covered bond programmes within their ring-fenced entities, which is positive for their credit quality, said Moody’s.

    • 18 Jan 2018
  • Luxembourg proposes first green covered bond law

    The finance ministry in Luxembourg has published a draft covered bond law to finance renewable energy infrastructure loans. But there could be limited demand to use the framework, and much depends on new European rules coming later this year.

    • 18 Jan 2018
  • Belfius tees up first AT1 as investors get 'grabby'

    Belfius announced a mandate for its first additional tier one (AT1) note on Thursday, the day after Raiffeisen Bank International picked up more than €4.2bn of demand for the first deal in the format in 2018.

    • 18 Jan 2018
  • Turkey’s Fibabanka puts out 'fair' guidance

    Fibabanka began marketing its revived five year bond at 6.25% area on Thursday.

    • 18 Jan 2018
  • DB returns to dollars as G-SIBs attack TLAC

    Deutsche Bank placed $2.15bn of new non-preferred senior notes with US investors on Wednesday, as Europe’s largest banks continued to bombard the market with multiple deals at the beginning of 2018.

    • 18 Jan 2018
  • Alfa to test appetite after Russian bank bloodbath

    Alfa-Bank will be the first Russian privately owned bank to test demand for additional tier one (AT1) securities since the write-down of capital bonds from Otkritie and Promsvyazbank.

    • 18 Jan 2018
  • Barclays targets euro holdco debt in strong market

    Barclays came to the unsecured market for the third time in two weeks, as UK banks think about the phase-out of the Bank of England's Term Funding Scheme (TFS).

    • 17 Jan 2018
  • CIBC follows DNB in fives, a tenor of choice as 2018 unfolds

    Canadian Imperial Bank of Commerce followed DNB Boligkreditt with the second five year covered bond of the year. The tenor, which appeals to the broadest audience and offers the best execution certainty, should become increasingly popular as tapering of central bank purchases and refinancing of the central bank liquidity takes effect.

    • 17 Jan 2018
  • Crédit Agricole prints tight Swiss senior preferred

    Crédit Agricole issued Swiss franc senior preferred bonds due November 2023 on Wednesday, pricing the transaction inside the bank's Swiss senior secondary curves.

    • 17 Jan 2018
  • Investors lap up RBI AT1 despite extension risk

    Raiffeisen Bank International’s additional tier one (AT1) bond — the first in the asset class this year — met a wall of demand and was priced with a coupon that was tighter than all but one euro AT1. This was in the face of investors’ preference for bonds offering a higher reset spread, increasing the chance of bonds being called.

    • 17 Jan 2018
  • Fibabanka revives senior dollar bond

    Fibabanka has restarted a dollar bond issue that it postponed last year.

    • 17 Jan 2018
  • FIG investors weigh up AT1s as first of 2018 arrives

    Raiffeisen Bank International was marketing the first additional tier one (AT1) note of the year on Wednesday morning, with investors continuing to see value in the asset class. Meanwhile, covered bond investors are becoming fussier over price adjustments.

    • 17 Jan 2018
  • Woori Bank returns to dollars in Taiwan

    South Korea’s Woori Bank sealed a $300m floating rate Formosa bond on Tuesday.

    • 17 Jan 2018
  • DMO head switches to investment bank

    The head of one of Europe's highest profile sovereign debt management agencies has returned to the sell side to run his new firm's investment banking business in his home country.

    • 16 Jan 2018
  • Banks offer sub senior across the curve

    Deutsche Pfandbriefbank, Société Générale and BNP Paribas issued a total of €2.25bn of senior non-preferred debt on Tuesday, offering four, five and seven year tenors.

    • 16 Jan 2018
  • DNB differentiates in crowded covered mart with rare fives

    DNB Boligkreditt differentiated itself in a crowded covered bond market on Tuesday by issuing the first five year deal of 2018, a strategy that paid off, given it was also the largest deal of the year.

    • 16 Jan 2018
  • RBI lines up first AT1 of the year

    Raiffeisen Bank International announced a mandate for the first additional tier one (AT1) issue of the year, giving investors a chance to dive back into an asset class which saw exceptional returns last year. Crédit Agricole Assurances also announced a mandate for a tier two bond.

    • 16 Jan 2018
  • NIBC and RLB-NW keep 10s busy in covered bonds

    NIBC and Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) found solid demand for their pair of €500m 10 year covered bonds issued on Tuesday. But with the tighter Austrian deal extracting more demand at a tighter spread, investors clearly showed a preference for the hard bullet maturity.

    • 16 Jan 2018
  • BPM covered bond soars in sevens

    Banca Popolare di Milano (BPM) successfully issued its first covered bond transaction since June 2016 with the high spread overcoming credit quality and volatility concerns.

    • 16 Jan 2018
  • Deutsche Pbb reserves a slot for non-preferred senior issuance

    Deutsche Pfandbriefbank said on Monday that it was looking to sell new non-preferred senior bonds, as it looked to ‘reserve a slot’ in what is expected to be a busy market for new issuance this week.

    • 15 Jan 2018
  • BPCE reruns client-directed social Samurai

    Groupe BPCE issued ¥116.1bn ($1.04bn) of Samurai notes this week across six tranches, two of which were social bonds. But unlike with many socially responsible deals, the proceeds will go to clients rather than financing projects directly.

    • 15 Jan 2018
  • Former Intesa CEO launches big Spac to invest in fintech or NPLs

    Corrado Passera, former CEO of Intesa Sanpaolo and government minister, is leading the promotion of a €500m special purpose acquisition company (Spac) focusing on financial services.

    • 15 Jan 2018
  • BayernLB issues first of three 10 year covered bonds

    BayernLB has issued the first of three 10 year covered bonds to be priced this week. With the European Central Bank stepping up its presence in the primary market compared to January 2017, forthcoming deals from NIBC and Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) are assured of a smooth execution.

    • 15 Jan 2018
  • Chinese issuers fuel offshore bond sale

    Chinese issuers Peking University Founder Group, Bank of Communications Financial Leasing Co, Geely Automobile Holdings and Jinjiang International Holding are meeting investors this week ahead of planned dollar and euro bond sales.

    • 15 Jan 2018
  • Nomura nabs ex-Barclays banker for DCM

    Nomura has hired veteran banker Guy Smith as head of DCM and acquisition and leveraged finance for Asia ex-Japan, effective Monday.

    • 15 Jan 2018
  • Indian, Indonesian issuers ready dollar bonds

    Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.

    • 15 Jan 2018
  • Swedish report recommends cash for green bond issuers

    Green bond issuers could be encouraged with a payment from the government if the bond finances a reduction in carbon dioxide emissions, according to a report for the Swedish government this week.

    • 12 Jan 2018
  • BNS enjoys solid euro reception, but price sensitivity is becoming more of a theme

    Price sensitivity is becoming a material theme in covered bond deals issued this week, and the first Canadian covered bond of 2018, issued by Bank of Nova Scotia on Friday, was no exception.

    • 12 Jan 2018
  • Íslandsbanki achieves four times subscription for callable deal

    Íslandsbanki issued a six year non-call five senior deal in the euro market on Friday, as La Mondiale opened books on a sub-benchmark callable deal.

    • 12 Jan 2018
  • Sparebank 1 set for green covered, Luxembourg plans green law

    Sparebank 1 Boligkreditt has mandated lead managers for a roadshow to market it first green covered bond. The news comes amid German press articles suggesting lawmakers in Luxembourg are set to propose a green covered bond framework. BayernLB is also lining up a vanilla 10 year Pfandbrief for execution on Monday.

    • 12 Jan 2018
  • Green and social to drive revamped DZ Bank in DCM

    DZ Bank has overhauled its debt capital markets operation and plans to use its sustainable finance credentials to push for more international business, especially in SSAs and covered bonds.

    • 11 Jan 2018
  • UniCredit EUR1.5bn 1% Jan 23 senior non-preferred

    • 11 Jan 2018
  • CaixaBank EUR1bn 0.75% April 23

    • 11 Jan 2018
  • Monte dei Paschi di Siena EUR750m 5.375% Jan 28 tier two

    • 11 Jan 2018
  • Barclays Plc GBP1.5bn 3.25% Jan 33 / GBP250m 3.125% Jan 24 tap

    • 11 Jan 2018
  • European cat bond market poised to grow as UK ILS law passes

    Something is brewing in the catastrophe bond market. Last month the UK government passed a law allowing the creation of insurance-linked security (ILS) vehicles, paving the way for the first ever transaction. More issuance is expected, while more insurers around Europe are expected to consider catastrophe bonds, reports Jasper Cox.

    • 11 Jan 2018
  • Yankee banks make last-ditch dash before blackout

    Yankee banks made their final foray to the dollar bond market this week, before heading into earnings blackout and handing the baton over to US lenders.

    • 11 Jan 2018
  • Deutsche Bank EUR1.25bn 0.375% Jan 21 / EUR1.25bn 1.75% Jan 28 senior non-preferred

    • 11 Jan 2018
  • Banque Fédérative du Crédit Mutuel EUR1.5bn 0.75% July 25

    • 11 Jan 2018
  • Crédit Ag and Caffil hit eights covered sweet spot

    Crédit Agricole SFH and Caffil issued eight year covered bonds this week and managed to attract strong demand from bank investors buying for their liquidity portfolios.

    • 11 Jan 2018
  • Peak capital markets — issuers soak up demand despite 'bondmageddon' fears

    Records were tumbling this week as countries, companies and credit institutions were met with a wall of cash for new bond offerings across the globe — prompting speculation that primary capital markets may well be at the very height of their capacity. Tyler Davies reports.

    • 11 Jan 2018
  • Ten year covered trio get traction but concerns remain

    A trio of 10 year covered bond deals issued this week showed that interest in this tenor is less uncertain than initially feared. But, in a rising yield environment, investors are likely to become more defensive and this demand risks being short-lived.

    • 11 Jan 2018
  • Westpac sucks on stellar sterling demand

    Westpac attracted substantial demand for its five year sterling floating rate deal on Thursday, with considerable investor liquidity ensuring a particularly attractive cost of funding.

    • 11 Jan 2018
  • NordLB takes size and duration — with ECB’s helping hand

    NordLB issued its largest Pfandbrief since 2011 on Thursday, but the oversubscription ratio was on the low side — despite a relatively attractive new issue concession and a large order from the European Central Bank.

    • 11 Jan 2018
  • Market divided over Monte dei Paschi pricing

    The coupon for Banca Monte dei Paschi di Siena’s €750m comeback tier two deal was compared with a whole host of other subordinated transactions this week — with varying opinions on what represented good value.

    • 11 Jan 2018
  • ‘Breathtaking’ UniCredit deal lifts lid on Italian SNP

    UniCredit has become the first Italian bank to sell a non-preferred senior bond, clearing the path for further issuance out of the country.

    • 11 Jan 2018
  • Agricole puts green banker in Asia

    Crédit Agricole has moved one of its sustainable banking specialists to Asia, hoping to capitalise on what it expects to be a growing market for green bonds.

    • 11 Jan 2018
  • Investors jump into rare SBLC-backed bond

    Chinese city commercial bank Bank of Shanghai Co priced a rare bond backed by a standby letter of credit (SBLC) on Wednesday, seeing an over five times covered book but leaving a few basis points on the table.

    • 11 Jan 2018
  • NordLB lines up with ‘interesting’ 10 year Pfandbrief

    NordLB has mandated joint leads for a 10 year Pfandbrief which some bankers believe will prove an ‘interesting’ trade, reflecting the view that spreads are tight to competing agency paper.

    • 10 Jan 2018
  • SG prioritises spread over size

    Société Générale issued a tightly priced 10 year French covered bond on Wednesday with the €750m deal size, ensuring a solid level of excess demand and good potential for a stable performance.

    • 10 Jan 2018
  • Westpac sets sights on sterling covereds

    Westpac has mandated leads for the third sterling five year floating rate covered bond from a bank outside the UK to be issued this year.

    • 10 Jan 2018
  • Caixa prefunds ahead of maturation and TLTRO phase-out

    CaixaBank issued €1bn of senior preferred notes on Wednesday as it looked to prefund ahead of a bond maturing in May and the end of the European Central Bank’s (ECB’s) targeted longer-term refinancing operations (TLTRO) programme.

    • 10 Jan 2018
  • CBA hits euros as Aussie banks make flying start

    Commonwealth Bank of Australia (CBA) was marketing a new senior bond in the euro market on Wednesday, following a fast start for Australian bank bond issuance in 2018.

    • 10 Jan 2018
  • BFCM targets senior in busiest sterling start on record

    Banque Fédérative du Crédit Mutuel (BFCM) has sold £450m of new senior notes in the sterling market, which is enjoying its fastest ever start to a year.

    • 10 Jan 2018
  • TSKB bags big book despite sovereign competition

    Turkiye Sinai Kalkinma Bankasi batted away suggestions on Tuesday that its deal would suffer from pricing on the same day as the Turkish sovereign, printing a $350m five year bond from a book of $1.15bn and 15bp inside initial price guidance.

    • 10 Jan 2018
  • Investors debate Monte tier two as NPL securitization progresses

    Financial institutions bond investors were assessing this week whether or not they should invest in Banca Monte dei Paschi di Siena’s first deal since its recapitalisation by the state last summer.

    • 10 Jan 2018
  • Chinese supply continues to dominate Asia DCM

    Chinese issuers BOSC International, a local government financing vehicle from Henan, Lai Fung Holdings and Hilong Holding are in the market with new deals on a busy day for issuance.

    • 10 Jan 2018
  • KBank maximises on rarity value for tight print

    Thailand’s Kasikornbank prioritised price over size for its return to the bond market this week, selling a $400m deal at a level that forced some investors to stay away.

    • 10 Jan 2018
  • NAB to become second green RMBS issuer

    National Australia Bank has mandated its own investment bank to lead a potential mortgage securitization that could include a green tranche, making it only the second issuer of green residential mortgage-backed securities.

    • 10 Jan 2018
  • Neon opens up UK ILS market

    Neon Underwriting has launched the first insurance linked security (ILS) deal in the UK, after a new law designed to incentivise the creation of vehicles was passed last month.

    • 09 Jan 2018
  • There’s something about Monte

    Banca Monte dei Paschi di Siena’s comeback plans show that there is still a big difference between tier two and additional tier one (AT1) bonds, even after the failure of Banco Popular.

    • 09 Jan 2018
  • QNB follows ADCB to Formosa

    Two banks from the Gulf Corporation Council (GCC) have turned to Taiwan to raise dollar funding already this year, with Abu Dhabi Commercial Bank (ADCB) printing $540m and Qatar National Bank (QNB) printing $720m in Formosa trades.

    • 09 Jan 2018
  • UOB priced in line with Westpac

    United Overseas Bank in Singapore was able to price a seven year euro covered bond in line with Westpac on Tuesday. Although UOB was unable to match the pricing of DBS Bank, it achieved 'remarkable traction' with second and third tier investors across Europe.

    • 09 Jan 2018
  • Caffil secures solid result with careful choices

    Caffil managed to attract a strong order book for its eight and 15 year covered bonds issued on Tuesday, largely because it paid careful attention to size, starting spread and tenor.

    • 09 Jan 2018
  • Euros find favour as Santander returns for non-preferred

    Santander has come to the market with its second senior non-preferred bond in euros, as banks turned back towards the currency in the second week of the year.

    • 09 Jan 2018
  • Erste shows 10s in demand — for the right name

    Erste Group attracted solid demand for its 10 year covered bond on Tuesday and, by pricing the transaction with a relatively slim new issue premium, it helped assuage concerns about the appropriateness of this tenor that followed deals issued last week.

    • 09 Jan 2018
  • TSKB under scrutiny as sovereign arrives

    The Turkish sovereign has mandated three banks for its usual start of year dollar bond while Turkiye Sinai Kalkinma Bankasi released guidance for its note. But the latter drew criticism for going head to head with its sovereign.

    • 09 Jan 2018
  • Deutsche gets in on multi-tranche fever

    Deutsche Bank opened books on three tranches of non-preferred senior debt in the euro and sterling markets on Tuesday, becoming the latest European financial institution to knock out multiple funding obligations in one go.

    • 09 Jan 2018
  • Regional Capital Markets Awards Part III: Bonds

    In the third instalment of our 2017 awards, we present the full write-ups of the winners of the Best Local Currency Bond, Best High Yield Bond, Best Financial Bond, Best SSA Bond, Best Investment Grade Bond, Best Project Finance Deal, Best Bond, Best G3 and Local Currency Bond House, and Best High Yield Bond House.

    • 09 Jan 2018
  • Westpac dim sum opens offshore renminbi supply

    Westpac Banking Corp raised Rmb500m ($77m) from a three year offshore renminbi bond on Monday, becoming the first dim sum note issuer of 2018.

    • 09 Jan 2018
  • KBank entices accounts to rare Thai credit

    Thailand’s Kasikornbank is in the market with a 5.5 year dollar bond, some 15 months after its last appearance in the offshore debt market

    • 09 Jan 2018
  • PowerChina, BOSC International to meet investors for bonds

    Power Construction Corporation of China (PowerChina), Bank of Shanghai subsidiary BOSC International Company and financial services firm Guangxi Financial Investment Group Co are testing investor appetite for new bonds.

    • 09 Jan 2018
  • HSBC beefs up US corporate, FIG teams

    HSBC has hired managing directors in its US healthcare and consumer and retail coverage teams, as well as a new head for its US financial institutions group.

    • 08 Jan 2018
  • Cafill, Erste and UOB mandate leads for covered bonds

    The pace of covered bond supply is expected to remain fast on Tuesday, with as many as three issuers mandating lead managers for benchmark deals.

    • 08 Jan 2018
  • Crédit Agricole hits eight year covered bond sweet spot

    Crédit Agricole SFH took advantage of curve steepness to issue a €1.25bn eight year which, unlike recent 10 year deals, managed to attract strong demand from bank investors buying for their liquidity portfolios.

    • 08 Jan 2018
  • French duo fancies vanilla senior

    Groupe BPCE and Banque Fédérative du Crédit Mutuel (BFCM) both favoured the senior preferred instrument as they came to the market on Monday in dollars and euros respectively.

    • 08 Jan 2018
  • UBI finds only just enough covered bond demand

    Unione di Banche Italiane (UBI Banca) wasted little time in following Crédit Agricole Cariparma with the second Italian Obbligazioni Bancarie Garantite of the year. The relatively small sized €500m tranches were just oversubscribed, reflecting the fact they were priced deeply through multiyear treasury bonds (BTPs).

    • 08 Jan 2018
  • Barclays and Lloyds look for hat tricks in holdco

    Barclays and Lloyds were marketing new senior offerings from their holding companies on Monday, having each already printed two transactions in the first week of 2018.

    • 08 Jan 2018
  • Westpac set for new dim sum bond

    Westpac Banking Corp is poised to sell the first offshore renminbi bond of the year, opening books for a three year trade on Monday.

    • 08 Jan 2018
  • Sovereigns could star in growing Nordic green bond market

    Bankers expect further fast growth in Nordic green bond issuance in 2018, including a good chance of sovereign deals, with Sweden a leading candidate.

    • 05 Jan 2018
  • Covered bonds weaken on heavy selling flows

    The covered bond market looked weak on Friday with dealers reporting heavy selling flows as clients switched into new, cheaper bonds and reduced exposure in new issues where they had been over-allocated.

    • 05 Jan 2018
  • Insurers join FIG blizzard in dollars

    US insurers MetLife and New York Life joined seven Yankee bank borrowers in a blistering start to 2018 for the dollar market, despite a snow storm battering the East Coast of the US this week.

    • 05 Jan 2018
  • MPS to offer the ‘ultimate recovery play’

    Banca Monte dei Paschi di Siena announced a mandate for a benchmark tier two bond on Thursday, its first since its recapitalisation last year. It is a crucial deal for the bank, but it will have to offer a high coupon to tempt investors back.

    • 04 Jan 2018
  • CFF deal sparks fears of covered bond bull run petering out

    A thinly oversubscribed €1bn 10 year covered bond issued this week by Compagnie de Financement Foncier could mark the beginning of the end of the bull run in covered bonds. Bill Thornhill reports.

    • 04 Jan 2018
  • Yankee banks hit US dollars with storm of new issuance

    Extreme weather conditions failed to prevent issuers from flocking to the US dollar bond market this week, with Yankee issuers getting off to a cracking start to the year.

    • 04 Jan 2018
  • European banks start with a clean slate

    The largest and darkest clouds that hung over Europe's banks appear to have all but cleared in time for the new year.

    • 04 Jan 2018
  • Barclays leads flurry of sterling covered supply

    The sterling covered bond market enjoyed a strong start to the year, with four issuers raising a collective £3.7bn. Barclays priced the first deal of the year, which also happened to be one of the longest and largest.

    • 04 Jan 2018
  • BNP Paribas USD2bn 3.375% Jan 25 non-preferred senior

    • 04 Jan 2018
  • Santander UK USD500m 3.373% Jan 21 / USD1bn 3.373% Jan 23

    • 04 Jan 2018
  • Cariparma breaks record completing 2018 funding

    Crédit Agricole Cariparma took advantage of the exceptionally tight spread environment to issue the first 20 year Obbligazioni Bancarie Garantite (OBG) on Thursday and completed the final leg of its 2018 funding requirement at a record spread through BTPs.

    • 04 Jan 2018
  • Crédit Agricole USD1.25bn 4% Jan 33 tier two

    • 04 Jan 2018
  • LBBW, Westpac and Santander strike lucky sevens

    LBBW, Santander UK and Westpac all enjoyed fair demand for seven year covered bonds issued this week, suggesting good scope for further issuance in this tenor.

    • 04 Jan 2018
  • Westpac takes size in sevens

    Westpac and Santander UK returned to the euro covered bond market on Thursday. Though early book momentum was marginally stronger in the Australian deal, the oversubscription ratios for both deals was rather low. Meanwhile, Stadshypotek showed that there is still good scope for further sterling covered bond supply.

    • 04 Jan 2018
  • UBS finds nearly €9bn of demand for triple trancher

    UBS raised €4.12bn equivalent of senior debt at operating company level across three tranches and two currencies on Thursday, while ABN Amro looked to tap its June 2022 sterling senior bond.

    • 04 Jan 2018
  • Monte dei Paschi prepares bond market return

    Banca Monte dei Paschi di Siena has picked banks to arrange a new tier two transaction — its first bond offering since being recapitalised by the Italian state in July 2017.

    • 04 Jan 2018
  • Three days in, Cariparma finishes 2018 funding, breaks pricing record

    Crédit Agricole Cariparma returned to the market on Thursday to complete the final leg of its 2018 funding requirement, taking advantage of the exceptionally tight spread environment while it still exists.

    • 04 Jan 2018
  • Lloyds follows CBA with 30 year dollar T2

    Lloyds Banking Group opened books on a 30 year tier two deal in dollar market on Thursday, following Commonwealth Bank of Australia’s strong result in the same tenor the day before. The two deals began bookbuilding at the same price point, but SEC-registered Lloyds should also benefit from onshore US demand, while Reg S CBA did not.

    • 04 Jan 2018
  • BNP Paribas opens non-preferred market in euros

    BNP Paribas was in the market for its second non-preferred deal of the week on Thursday, ahead of what is expected to be a busy year for the asset class.

    • 04 Jan 2018
  • Financial Institutions: Covered bonds fight for space as non-preferred issuance rises

    Banks will prioritise funding that helps meet their regulatory ratios in 2018, but covered bonds will continue to play a pivotal role because they provide the cheapest cost of funding. By Bill Thornhill

    • 03 Jan 2018
  • Financial Institutions: Resolution talks heat up as insurers eye capital structures

    Having waited a while before testing the water, insurance companies are finally issuing all the debt capital securities described by the Solvency II regulations. But the future looks complicated, as growing calls for an insurance resolution framework threaten to overhaul the way firms are supervised in Europe. By Tyler Davies

    • 03 Jan 2018
  • Financial Institutions: Walking without crutches — the last push for TLAC

    More than a decade after the financial crisis began, European banks are finally close to building new capital structures that should allow bail-ins to replace bail-outs. But with central banks promising to step away from financial markets in 2018, the last push could be the trickiest part of all. By Tyler Davies.

    • 03 Jan 2018
  • Financial Institutions: AT1 to forge ahead after year of rally and resolution

    Technical factors suggest additional tier one (AT1) capital yields will continue to fall this year, even after a remarkably strong 2017. Ironically, the Banco Popular resolution, which burnt AT1 holders, actually made the asset class look more attractive in relative terms. Jasper Cox reports.

    • 03 Jan 2018
  • Financial Institutions: Banks in 2018 — optimising capital structures

    Banks are now close to meeting their regulatory targets for issuing the new kinds of capital.They will turn their attention in 2018 to optimising their capital structures, writes Tyler Davies.

    • 03 Jan 2018
  • 2017 Bond Deals of the Year: Financial Institutions

    In many ways, the financial institutions bond market ran away with itself in 2017. Spreads formed one-way traffic, grinding relentlessly tighter, even as some corners of the market convinced themselves a correction was imminent.

    • 03 Jan 2018
  • Covered issuers pound sterling, record for Lloyds

    Bank of Nova Scotia and Lloyds Bank both offered covered bonds in the floating rate note format to sterling investors on Wednesday, while Stadshypotek announced a mandate for a similar deal.

    • 03 Jan 2018
  • CFF wobbles as investors flock to ABN

    Compagnie de Finacement Foncier (CFF) was unable to attract a swell of demand for its 10 year, possibly due to the tight starting spread. In contrast, yield hungry investors flocked to ABN Amro’s mega-sized 15 year offering.

    • 03 Jan 2018
  • Caixa competes for attention in busy mart

    Caixabank brought the first covered bond deal of the year from Europe’s periphery on Wednesday but its offering appeared to struggle for attention on a busy day in the covered bond market.

    • 03 Jan 2018
  • Borrowers focus on dollars as ‘obvious place’ to start in 2018

    Non-US financial institutions have favoured going to the dollar market for unsecured offerings in the first two days of the year, with Crédit Agricole looking to raise tier two capital in the currency on Wednesday.

    • 03 Jan 2018
  • Covered bond investors race to put cash back to work

    A plethora of covered bonds issued in the first week of 2018 met with strong investor demand reflecting the fact that buyers have considerable amounts of cash to put to work.

    • 03 Jan 2018
  • ECB’s CPT discrimination makes no sense

    The European Central Bank’s decision to exclude conditional pass through (CPT) covered bonds issued by non-investment grade issuers from its covered bond purchase programme (CBPP3) will constrain liquidity and credit where they are most needed, and is not necessarily justified by risk considerations.

    • 02 Jan 2018
  • Covéa windstorm trade a first for European cat bond market

    Covéa Mutual Insurance Group has issued its debut catastrophe bond, a four year €90m deal to protect its French subsidiaries against losses from European windstorms.

    • 02 Jan 2018
  • LBBW and Barclays hit covereds as mandates pile up

    LBBW and Barclays attracted strong demand for the first euro and sterling covered bond benchmarks of 2018 while ABN, Compagnie de Finacement Foncier (CFF) and Bank of Nova Scotia mandated leads for deals that suggested there would be a typically frenetic start to the year.

    • 02 Jan 2018
  • Christians quit Commerzbank for Christmas

    Commerzbank is "working on" a replacement for two longstanding FIG syndicate bankers who left the firm just before Christmas.

    • 02 Jan 2018
  • 2017 Bond Deals of the Year: Emerging Markets

    For CEEMEA bonds, 2017 was a record breaking year and one which pushed the boundaries of product, tenor, and issuer. The $200bn of bonds raised in CEEMEA, and the $140bn raised in Latin America are the highest annual volumes on record. Investors’ seemingly insatiable appetite for EM debt fuelled massive inflows into the asset class and kept the many idiosyncratic risk events – from Qatar’s regional isolation to deteriorating relations between Turkey and the US– contained. Picking out the deals of the year for 2017 was not easy for GlobalCapital’s editorial team, but after much deliberation the below were chosen.

    • 02 Jan 2018
  • BNPP kicks off 2018 dollar supply with non-preferred

    BNP Paribas opened the new year’s unsecured market on Tuesday with a seven year senior non-preferred deal in dollars, undeterred by a less attractive cross currency basis swap.

    • 02 Jan 2018
  • New year, new asset class for Italian banks

    Italian banks are expected to begin issuing non-preferred senior bonds for the first time, after the country’s parliament approved a package of reforms as part of its latest budget law.

    • 02 Jan 2018

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UBS 2,341.98 12 6.39%
2 Natixis 2,220.67 8 6.06%
3 UniCredit 2,187.22 10 5.97%
4 Barclays 2,050.37 9 5.59%
5 Credit Suisse 1,824.93 10 4.98%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 12,860.11 26 9.19%
2 Morgan Stanley 11,970.84 27 8.56%
3 Bank of America Merrill Lynch 9,510.22 21 6.80%
4 Barclays 9,168.66 18 6.55%
5 JPMorgan 8,977.54 27 6.42%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 12,192.75 22 13.65%
2 Morgan Stanley 10,994.66 21 12.31%
3 Bank of America Merrill Lynch 9,178.29 19 10.27%
4 JPMorgan 8,170.99 20 9.15%
5 Citi 7,487.94 21 8.38%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 2,071.95 7 8.69%
2 UBS 1,864.60 7 7.82%
3 LBBW 1,724.10 7 7.23%
4 UniCredit 1,662.07 7 6.97%
5 Deutsche Bank 1,380.66 4 5.79%

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 Credit Agricole CIB 2,031.40 2 42.44%
2 UBS 439.82 3 9.19%
3 Goldman Sachs 356.49 2 7.45%
3 Bank of America Merrill Lynch 356.49 2 7.45%
5 Lloyds Banking Group 249.35 1 5.21%