• Canadian covered issuance considered

    The outlook for Canadian covered bond supply in euros is not as grim as it seems, despite the fact that the nation’s lenders have already issued three quarters of what they supplied in euros In 2017, the cross currency basis swap is not particularly compelling and senior unsecured funding is cheap in dollars.

    • 23 Feb 2018
  • Vivat bonds tumble as Beijing takes control

    Outstanding bonds issued by Vivat NV, the Dutch insurance group, suffered on Friday morning after its parent company Anbang Insurance Group was seized by Chinese authorities — but a sale to a European firm could provide an upside for bondholders.

    • 23 Feb 2018
  • Make bank bankruptcy great again, says US Treasury

    The US Department of the Treasury defied Republican calls to scrap the Orderly Liquidation Authority this week, after publishing a report in which it recommended an overhaul of the nation’s framework for dealing with failing banks.

    • 22 Feb 2018
  • Evidence builds of tighter green bond pricing

    A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”

    • 22 Feb 2018
  • All quiet at the front end as Yankee banks roll in

    Yankee banks shunned the short end of the curve this week as they returned to the dollar market after reporting earnings.

    • 22 Feb 2018
  • Santander Consumer Bank EUR500m 0.75% Mar 2023 senior

    • 22 Feb 2018
  • Commerzbank EUR500m 1.875% Jan 2028 senior non-preferred

    • 22 Feb 2018
  • Albaraka Turk provides blueprint for Turkish AT1

    Albaraka Turk broke new ground last week it has emerged, issuing the first ever Basel III-compliant additional tier one (AT1) from Turkey in a private placement. The deal has set a structuring template for future Turkish AT1 issuance, and has sparked interest among those looking to bring the next, possibly public benchmark, deal, writes Virginia Furness.

    • 22 Feb 2018
  • FIG executions get tougher as HSBC plans AT1 flood

    Syndicates have encountered some difficulty in placing financial institution bonds this week, but there is optimism in the face of widening spreads. This is just as well for HSBC’s plans to raise $5bn-$7bn of the most risky form of bank debt in the first half of the year.

    • 22 Feb 2018
  • De Volksbank and ANZ NZ hit the covered road

    De Volksbank has appointed joint leads for a roadshow with plans to issue a 10 year benchmark covered bond — a tenor that has tended to be a little unloved in the secondary market. ANZ New Zealand has also appointed leads for a roadshow.

    • 22 Feb 2018
  • OCBC's covered bond size ambitions thwarted

    Overseas Chinese Banking Corporation (OCBC) had adequate demand to print a €500m five year covered bond on Thursday, and though it was unable to reach the upper end of its size ambitions, it was able to issue the tightest Singaporean covered bond in euros.

    • 22 Feb 2018
  • Unipol goes tight with tier two ahead of Italian election

    UnipolSai Assicurazioni, the insurance branch of Unipol Gruppo, came to the market on Thursday with a no-grow €500m tier two deal, which was priced inside some expectations of fair value.

    • 22 Feb 2018
  • Barclays trading assets balloon as bank gets back in the game

    Barclays reported annual results on Thursday, revealing the huge scale of the firm’s trading balance sheet expansion in 2017, as it scales back up in its historical strength of macro trading. But the low volatility last year weighed on returns, and the growth in the trading book has yet to deliver the profits it hopes for.

    • 22 Feb 2018
  • Intesa opens new yen funding route for Italian issuers

    Intesa Sanpaolo has overcome Japanese concerns about Italy to become the first ever Italian bank to sell a Tokyo Pro-Bond.

    • 22 Feb 2018
  • Chinese issuers return to the bond market

    Chinese issuers are back following the Lunar New Year break. Far East Horizon and Redco Properties Group are both wooing bond investors, effectively reopening the dollar debt market in Asia.

    • 22 Feb 2018
  • UOB issues sterling first as OCBC lines up in euro covereds

    United Overseas Bank issued its debut covered bond in sterling on Wednesday, and the first from a Singaporean bank. Despite being its maiden deal, UOB was able to match the spread of more established sterling issuers. At the same time, Overseas Chinese Banking Corporation (OCBC) has mandated for a euro covered bond benchmark.

    • 21 Feb 2018
  • BPCE and Nordea reset covered confidence

    Nordea and BPCE helped revive covered bond market confidence on Wednesday after some lacklustre deal receptions at the start of this week, with the successes due to thoughtful consideration of tenor and pricing strategies.

    • 21 Feb 2018
  • Aegon is ‘looking at’ RT1 but has no issuance plans at present

    Aegon NV, the Dutch insurance group, could use restricted tier one (RT1) capital to replace grandfathered instruments.

    • 21 Feb 2018
  • Period of ‘super easy markets’ is over, say FIG bankers

    FIG syndicate bankers are advising issuers to get on with their capital and funding plans as quickly as possible in 2018.

    • 21 Feb 2018
  • Georgia Capital hits the road

    Georgia Capital (formerly BGEO Investments), the Georgian holding company representing the investment business of BGEO Group, is embarking on a roadshow for a five year dollar bond.

    • 21 Feb 2018
  • Military action in Syria weighs on Akbank trade

    A Turkish military strike in Syria on Tuesday hit investor appetite for Akbank’s subordinated tier two offering, with the raid causing several accounts not to come into the book at all, according to a lead manager.

    • 21 Feb 2018
  • Investors excited for HSBC’s jumbo AT1 plans

    Financial institutions bond investors are looking for an ‘attractive entry point’ when HSBC opens books on $5bn-$7bn of additional tier one issuance in the next four months, following the bank's latest results on Tuesday.

    • 21 Feb 2018
  • Far East Horizon cooks up dollar and dim sum bonds

    Chinese financial services provider Far East Horizon is pursuing the sale of a dollar-denominated and offshore renminbi bond.

    • 21 Feb 2018
  • VIEW: The ECB’s collateral rule is a step to a safer German banking system

    Disallowing the use of senior bail-in debt as collateral at the ECB has alarmed some parts of the market — but discouraging banks from buying other banks' debt should be applauded.

    • 20 Feb 2018
  • First Turkish AT1 breaks ground but there's more to do

    Albaraka Turk scored a solid first last week when it issued Turkey’s first Basel III compliant additional tier one bond, but while this marks progress, it will take one of the country’s larger banks to establish a true benchmark.

    • 20 Feb 2018
  • GlobalCapital Bond Awards Poll — vote now!

    We are excited to announce that the GlobalCapital Bond Awards Poll is now open.

    • 20 Feb 2018
  • Amundi to take top spot in sustainability ratings

    Oekom Research, the sustainability ratings agency, has given only 7% of the asset managers and securities brokerages it assessed a prime rating, in an unpublished report seen by GlobalCapital.

    • 20 Feb 2018
  • BPCE differentiates with first French seven year covered bond

    BPCE chose to differentiate itself from other French issuers on Tuesday by mandating joint leads for the first French seven year of 2018.

    • 20 Feb 2018
  • ADCB updates MTN programme as FAB waits in the wings

    It could be a clash of the Abu Dhabi banking titans as Abu Dhabi Commercial Bank is updating its MTN programme — a possible precursor to a bond issue — while First Abu Dhabi Bank is poised with a trade.

    • 20 Feb 2018
  • Commerzbank brings out 10 year senior in trying circumstances

    Commerzbank’s senior deal on Tuesday was a test of demand for German long-dated senior bonds in the face of market volatility, rate rise expectations and a change to rules over European Central Bank's collateral eligibility.

    • 20 Feb 2018
  • HSBC to front load AT1 plans and clear path for buybacks

    HSBC plans to issue between $5bn-$7bn of additional tier one debt in the first half of this year, clearing the path for share buybacks in the second half. The bank is prevented by listing authority rules from issuing AT1 at the same time as running a buyback, meaning it delayed its issuance plans last year.

    • 20 Feb 2018
  • SpaVest covered shows taper effect is ‘trickling down’

    With one of the most thinly oversubscribed Norwegian covered bonds in years, Sparebanken Vest Boligreditt (SpaVest) was barely able to tighten pricing this week. It followed Berlin Hyp, which was unable to tighten pricing at all.

    • 20 Feb 2018
  • Intesa to sell Italy’s first ever Pro-Bond ahead of election

    Intesa Sanpaolo is looking to become the first ever Italian bank to sell a deal in the Tokyo Pro-Bond format, less than two weeks away from a general election in Italy which has made some investors nervous.

    • 20 Feb 2018
  • PNB Housing looks to IFC to anchor debut Masala

    India’s PNB Housing Finance is preparing to make its debut in the offshore rupee bond market and has turned to the International Finance Corp (IFC) to make sure the deal goes off without a hitch.

    • 20 Feb 2018
  • SocGen tests sub market after sell-off

    Société Générale built an order book of around €2.6bn on Monday, as it became the first issuer to venture into the subordinated market following the sell-off earlier this month.

    • 19 Feb 2018
  • Covered issuers pile in but investors resist tightening for Berlin Hyp

    Berlin Hyp left some new issue premium on the table for investors on Monday, while Sparebanken Vest Boligkreditt lined up a deal for Tuesday. ANZ New Zealand was also considering covered or senior unsecured issuance.

    • 19 Feb 2018
  • Santander FIG trading co-head leaves

    Santander's co-head of FIG trading has left the bank. GlobalCapital understands.

    • 19 Feb 2018
  • Five is the magic number in popular SCB deal

    Santander Consumer Bank AS sold its first ever five year senior bond in the euro market on Monday, raising €500m of new funding with five times as much in orders in tow.

    • 19 Feb 2018
  • Albaraka Turk brings first Turkish AT1

    Albaraka Turk, the Turkish subsidiary of Bahrain’s Albaraka Banking Group, has issued the first ever additional tier one capital bond from Turkey, doing so in private placement format.

    • 19 Feb 2018
  • Berlin Hyp to extend curve with eight year

    Berlin Hyp is expected to extend its covered bond curve and open order books for an eight year mortgage-backed Pfandbrief early next week, after mandating joint leads on Friday.

    • 16 Feb 2018
  • Deutsche finds Pfandbrief solace as cold senior winds continue to swirl

    Deutsche Bank found fleeting funding consolation with a tightly priced Pfandbrief this week but, with a considerable funding requirement left to fill, the German bank is braced for a return to senior and subordinated markets where support is likely to be more flighty. Bill Thornhill reports.

    • 15 Feb 2018
  • Investors slam banks for superficial approach to climate risk

    A group of more than 100 investors managing nearly $2tr in assets said in a report this week that banks had put up only ‘skin deep’ efforts to capture the risks and opportunities associated with climate change.

    • 15 Feb 2018
  • Collateral rule puts German sub-senior in spotlight

    Liquidity in German senior bonds is set to be hit by new rules preventing the use of the bonds as collateral when borrowing from the European Central Bank (ECB).

    • 15 Feb 2018
  • Banks turn to Swiss market for opportunistic funds

    National Australia Bank (NAB) and Société Générale issued Swiss franc bonds on Wednesday with tight pricing, in a sign that the market is luring financial borrowers to print opportunistically.

    • 15 Feb 2018
  • Sampo EUR500m 1.625% Feb 28

    • 15 Feb 2018
  • ANZ EUR750m 0.625% Feb 23 sustainable

    • 15 Feb 2018
  • ANZ raises €750m as interest in sustainable bonds begins to grow

    ANZ sold what it said was the first issue of a bond aligned to UN Sustainable Development Goals (SDGs) in euros this week, raising €750m of new funding.

    • 15 Feb 2018
  • Climate risk is worth stressing about

    Central banks have been tweaking and improving their stress testing models in recent years. But these schemes are already long overdue using a climate risk scenario.

    • 15 Feb 2018
  • UOB considers debut sterling covered bond

    United Overseas Bank has mandated joint leads for a covered bond roadshow in the UK with a view to potentially issuing its sterling debut. Singapore peer DBS Bank undertook a roadshow in the UK two years ago but did not follow up with a deal.

    • 15 Feb 2018
  • Jittery covered bond buyers set more conditional orders

    Covered bond investors are setting more conditions on their orders, joining order books later, and limiting tenors they will buy, anxious to avoid buying bonds that will underperform. Despite the picky investor base, Swedbank still raised a €1bn five year at a record tight spread.

    • 15 Feb 2018
  • Mediobanca joins run of banks raising Swiss francs

    Mediobanca is selling five year senior preferred Swiss franc bonds, one day after National Australia Bank (NAB) and Société Générale raised funding in the market. Cross-currency basis swaps are improving for foreign issuers in Swiss francs, and interest rates are rising — which means there a more windows for banks to place opportunistic bonds.

    • 15 Feb 2018
  • Østlandet plans debut benchmark Eurobond after merger

    SpareBank 1 Østlandet, created from the merger of two banks operating in the area around Oslo, has picked banks to arrange its inaugural benchmark bond in euros.

    • 15 Feb 2018
  • UnipolSai eyes rare 10 year tier two

    UnipolSai Assicurazioni, the Italian insurer, is gearing up to sell a rare 10 year bullet tier two transaction, despite subordinated debt’s recent moves wider.

    • 15 Feb 2018
  • Judge demands full Deloitte report in Popular document pull

    The Spanish National Court has ordered parties involved in a criminal investigation into Banco Popular to hand over nearly 80 related documents, including a full and unredacted version of Deloitte’s valuation report.

    • 15 Feb 2018
  • ANZ seals maiden sustainable bond

    ANZ raised €750m this week from its first bond aligned with the UN sustainable development goals (SDGs), marking only the second such deal globally.

    • 15 Feb 2018
  • ECB steps up secondary covered bond purchases as investors ‘park cash’ in threes

    In the absence of primary activity, the European Central Bank maintained its strong presence in the covered bond market over the last week by stepping up secondary purchases. At the same time, investors have avoided punitive negative yields by buying three year non-Eurozone bonds.

    • 14 Feb 2018
  • Deutsche Bank eschews senior volatility with tightly priced Pfandbrief

    Deutsche Bank avoided senior unsecured and subordinated bond markets, where its paper has widened considerably, to raise €500m of seven year covered bond funding on Wednesday. The bank paid virtually no new issue premium.

    • 14 Feb 2018
  • Swiss market weathers storm as two banks raise opportunistic funding

    National Australia Bank (NAB) and Société Générale both entered the Swiss market on Wednesday with tight pricing, in a sign that the market is luring financial borrowers to print opportunistically in Swiss francs.

    • 14 Feb 2018
  • Macquarie tees up euro return

    Macquarie is set to issue in euros for the first time since 2015 as it looks to re-engage with investors in that currency. It will also be the first time it has issued at the group level in euros.

    • 14 Feb 2018
  • FIG issuers return to find buyers want more NIP

    Borrowers have returned to the FIG primary market, but investors are hoping for greater new issue premiums.

    • 14 Feb 2018
  • ANZ goes for size with debut sustainable bond

    ANZ equalled a record €750m deal size with its first ever sustainable bond on Wednesday, as bankers said that the market was wide open for deals in more defensive formats.

    • 14 Feb 2018
  • ECB buying is keeping net IG issuance negative

    The European Central Bank’s corporate sector purchase programme maintained its rate of purchasing in the first six weeks of 2018, which helped support spreads through the recent period of volatility in global markets.

    • 14 Feb 2018
  • Non-call events weigh on market watchers as rates rise

    A Chinese company’s decision to pay an extra 300bp in coupon to defer payments on its onshore perpetual notes has not only shocked the domestic bond market, but also inevitably raised concerns offshore. Bankers and investors are now paying much closer attention to the onshore/offshore dynamics.

    • 14 Feb 2018
  • Monte: back to life, back to reality

    Following an €8.1bn state bail-out, Banca Monte dei Paschi di Siena still has its work cut out in putting ticks in the boxes of its 2021 restructuring plan.

    • 13 Feb 2018
  • Sør Boligkreditt reopens covereds after bout of volatility

    Sparebanken Sør Boligkreditt came to the market on Tuesday with a five year covered bond, as market participants suggested that new issue premiums could start to rise.

    • 13 Feb 2018
  • Sampo picks spot for 10 year in calmer market

    Sampo, the Finnish insurance firm, brushed away the recent bout of volatility with a €500m issue of new senior bonds in the euro market on Tuesday.

    • 13 Feb 2018
  • ANZ eyes euros for debut sustainable bond

    ANZ is lining up its first issue of a bond aligned to the UN Sustainable Development Goals (SDGs), following its debut green transaction in 2015.

    • 13 Feb 2018
  • CLO supply to improve, but risk retention ruling could dent European demand

    A ruling last week by a US court exempting CLO managers from risk retention rules should boost supply of US CLOs, though demand may suffer, as regulated European investors will no longer be able to buy into US deals, said bankers. Likewise, European CLO spreads may tighten as the supply of compliant paper dwindles.

    • 12 Feb 2018
  • ‘Huge consequences’ for German senior as ECB tightens collateral criteria

    The European Central Bank (ECB) has said that bail-inable senior bank bonds cannot count as collateral, as part of changes tightening its eligiblity criteria. This could have a particular effect in Germany, where all senior bank bonds are statutorily subordinated.

    • 12 Feb 2018
  • Sør Boligkreditt to open books for rare five year covered bond

    Sparebanken Sør Boligkreditt has mandated joint leads for a new euro covered bond, the second five year transaction from a investment grade European issuer this year.

    • 12 Feb 2018
  • ECBC launches EeMAP public consultation

    The European Covered Bond Council (ECBC) has launched a consultation seeking market feedback on draft guidelines for a standardised European energy efficient mortgage.

    • 12 Feb 2018
  • Bond markets not ‘out of the woods yet’ after volatile period

    Financial institutions are likely to be cautious about jumping back into the primary market this week, after a recent sell off in equities and credit.

    • 12 Feb 2018
  • LBBW reshuffles research team

    LBBW has promoted Thomas Meißner to be its new head of strategy. Alexandra Schadow takes over from Meißner as head of cross-asset research.

    • 09 Feb 2018
  • ECB signals CPT covered bonds’ risk with greater repo haircuts

    The European Central Bank (ECB) has effectively doubled valuation haircuts for conditional pass through (CPT) covered bonds that are retained for repo purposes. The move, which follows the bank’s decision to not buy CPTs from non-investment grade issuers for its purchase programme, signals that the central bank sees inherent risks in the structure.

    • 09 Feb 2018
  • Lincoln loves the limelight as JP, Citi hit holdco

    Lincoln National showed the resilience of the US high-grade as it racked up a bumper order book and enjoyed tight pricing.

    • 09 Feb 2018
  • Santander had ‘much higher bid’ for Popular, sources claim

    Santander had lined up a “much higher bid” than the €1 it paid for Banco Popular last summer, claimed sources close to the Spanish bank’s resolution. They argued that the sales process would have been more competitive if the Single Resolution Board had allowed potential rescue bidders more time to consider their positions.

    • 09 Feb 2018
  • Italian banks fear ECB will target existing NPLs

    The European Central Bank might implement its controversial provisioning proposal for NPL inflows from April — later than originally anticipated, it said this week. But Italian lenders are now scared their existing NPLs will be on the hook next.

    • 08 Feb 2018
  • Investors head to the short end as market volatility returns

    Investors showed their preference for additional tier one (AT1) deals approaching their first call dates this week, as they looked to reassess the sector amid a bout of volatility.

    • 08 Feb 2018
  • Duo makes seven from Russia this year, blasts away US Treasury fears

    Credit Bank of Moscow and Domodedovo Airport (DME) brought the total Eurobond tally of Russian issuers this year to seven this week. Those latest two issuers jumped in shortly after Directive 1 sanction fears were quashed by the US Treasury.

    • 08 Feb 2018
  • Deutsche makes MD and director cuts, blasts Birmingham DCM

    Deutsche Bank plans to put up to 40 bankers at director level and above in its EMEA investment banking division at risk of redundancy, including the bank's co-head of FIG DCM, GlobalCapital understands. Several of those put at risk were based in Birmingham, including the bank’s head of Europe-US private placements.

    • 08 Feb 2018
  • ING Groep €1bn 1.125% Feb 25 senior holdco

    • 08 Feb 2018
  • If you liked XIV, you’ll love peripheral AT1

    Protecting retail investors is a laudable goal. But what they are protected from often seems arbitrary.

    • 08 Feb 2018
  • Absence of CBPP3 tapering could spell trouble

    Even though the ECB's net asset purchases were halved to €30bn from January, the pace of covered bond buying did not change. Though the absence of a lengthy tapering period implies a greater cliff-edge effect when net purchases inevitably fall to zero, bankers were relatively sanguine on the spread outlook.

    • 08 Feb 2018
  • ‘Get ready’ for NPL addendum as Italian champs look to cut exposure

    The European Central Bank’s addendum on non-performing loans (NPLs) will be published in March and could be implemented straight away, according to Danièle Nouy, chair of the body’s Supervisory Board. Meanwhile, UniCredit and Intesa Sanpaolo progressed with plans to reduce NPL levels this week.

    • 08 Feb 2018
  • Moody’s upgrades Hypo Vorarlberg, expects legacy T1 conversions

    Moody’s cited Hypo Vorarlberg’s recent capital strengthening measures in a decision to raise its credit ratings on Thursday, adding that it expected the Austrian bank to convert some of its legacy capital instruments into high trigger additional tier one (AT1s) in the near future.

    • 08 Feb 2018
  • IFRS 9 in stress testing: a ‘big deal’ for banks

    The introduction of IFRS 9, a new accounting standard, brings this year’s European Banking Authority stress tests into uncharted territory, with market participants expecting the exercise to raise questions about the comparability and reliability of results.

    • 08 Feb 2018
  • Heavy Asia bond pipeline looms after market rollercoaster pushes issuers to the sidelines

    Stock market volatility quickly spread to bonds this week, bringing Asia’s dollar bond market to a near standstill. The hold-up has started to ease and issuers are preparing deals again, but the blip has created a backlog of bond issues that will flood the market after Chinese New Year. Morgan Davis reports.

    • 08 Feb 2018
  • Daegu Bank finds fortune favours the bold

    South Korea’s Daegu Bank pulled off a bold $300m bond on Wednesday, choosing to price a deal with a generous new issue premium rather than delay the sale any further.

    • 08 Feb 2018
  • Banks sit out of 'quiet' Norwegian krone market

    Supply of new debt in the Norweigan krone market has been 'much scarcer' at the start of 2018 than in previous years, with banks already well funded and with asset managers still awaiting a spike in green bond issuance.

    • 07 Feb 2018
  • Fitch warns on overcollateralization complacency in covered bonds

    Fitch has warned in a report that there is no certainty that covered bonds will retain their large overcollateralization buffers (OC) during the course of their life, in the absence of a contractual commitment.

    • 07 Feb 2018
  • ING braves choppy market with holdco deal

    ING Groep brought a senior deal from its holding company on Wednesday, undeterred by financial bonds selling off earlier in the week.

    • 07 Feb 2018
  • CBM brings barometer trade

    Rival bankers are keenly watching Credit Bank of Moscow’s trade as a barometer for the market this week. A sell-off in US Treasuries seemed to imply a higher borrowing cost for the issuer, though with price revisions to come, it is too early to say by how much.

    • 07 Feb 2018
  • Short call AT1s find favour in volatile trading week

    Investors showed their preference for additional tier one (AT1) deals with a short time until their first call dates this week, as they looked to reassess the sector’s value amid a bout of volatility.

    • 07 Feb 2018
  • Three brave Asian bonds as sentiment shifts

    Three Asian debt issuers launched dollar bonds on Wednesday, taking advantage of a respite from the market turmoil that all but shut the debt market earlier this week.

    • 07 Feb 2018
  • Stop deceiving the market: book clarity must improve

    Demand for a deal can be accurately reflected only in the context of a specific spread. Anything other than that can mislead investors, so the ECB should demand better.

    • 06 Feb 2018
  • The HLEG’s report: L’union fait la force

    In the week Belgium announces its first green bond roadshow, the national motto (Eendracht maakt macht in Dutch) aptly captures the real importance of the European Commission’s new roadmap on sustainable finance, which lays out a panoply of actions Europe could take to green its financial system. That is: unity makes strength.

    • 06 Feb 2018
  • Italian banks face up to MREL and SRI after year of progress

    Italian financial institutions had an exceptional year in 2017. Banks that had been flirting with collapse were either recapitalised or allowed to fail, with very little disruption spilling over into the broader market. All this helped to make Italy an attractive destination once again for international investment, clearing some of the clouds hanging over the financial system and allowing firms to increase the volumes of debt they placed into the public capital markets.

    • 06 Feb 2018
  • Mixed messages in the debate over green capital relief

    Authors of last week’s HLEG sustainable finance report seem unsure whether they want green capital relief or not — while the European Banking Federation (EBF) seems unsure about why.

    • 06 Feb 2018
  • NordLB opens dollar covereds with three year LdG

    NordLB attracted a strong order book and paid little new issue premium for its first dollar covered bond — also the first dollar covered bond of 2018 — a defensive three year dollar Reg S Lettres de Gage publiques.

    • 06 Feb 2018
  • Dapo delights in difficult market

    Deutsche Apotheker- und Aerztebank issued a tightly priced €500m seven year mortgage Pfandbrief on Tuesday, paying a minimal new issue premium even though market conditions were awful.

    • 06 Feb 2018
  • FIG market wonders how hard equity slump will hit

    This week's sell-off in equity markets reverberated into the secondary market for financials credit on Tuesday — with some subordinated bonds seen as particularly exposed.

    • 06 Feb 2018
  • HDFC eyes Masala bond as pipeline swells

    Housing Development Finance Corp (HDFC) is among a swathe of Indian issuers preparing to sell offshore rupee bonds in the coming months, a funding official said.

    • 06 Feb 2018
  • Asian bonds on hold after equity market carnage

    Asian bond issuance has ground to a halt this week, with new deals put on hold and bankers urging caution amid volatility across the equity and bond markets.

    • 06 Feb 2018
  • West Brom BS looks to ‘modernise’ cap stack with CCDS

    West Bromwich Building Society (WBBS) plans to replace existing notes with core capital deferred shares (CCDS), becoming the latest building society to opt for the instrument.

    • 05 Feb 2018
  • ApoBank lines up after busy start to 2018

    Deutsche Apotheker-und Aerztebank (apoBank) has mandated joint leads for a seven year Pfandbrief. It follows one of the busiest starts to the covered bond market in years. With a more limited supply outlook spreads should stay stable for now. But with yields rising and relative value declining, core European borrowers will become ever more reliant on the Eurosystem to support their deals.

    • 05 Feb 2018
  • FIG issuers stand down as volatility resurfaces

    FIG issuers decided against launching new deals on Monday, as market participants predicted that a recent bout of volatility could be the start of a longer term trend.

    • 05 Feb 2018
  • Qatar National Bank sells second, larger PP

    Two days after locking in a $1bn private placement, Qatar National Bank has sold a second two year floating rate note, this time for $1.38bn.

    • 05 Feb 2018
  • Cinda AMC goes conservative on size

    China Cinda Asset Management Co raised a smaller than anticipated $2.5bn from a four-tranche deal on Thursday, despite having an order book that was about 6.6 times covered at its peak.

    • 02 Feb 2018
  • Green capital relief off the agenda… for now

    The European Commission's High Level Expert Group report on Sustainable Finance this week stopped short of advocating that banks should be able to hold less capital against green assets, but the idea still has political legs.

    • 01 Feb 2018
  • HLEG pushes stricter EU green bond label

    The European Commission's High Level Expert Group on Sustainable Finance has put a high priority on green bonds, proposing a new EU standard, to be put in place this year, which could be more stringent than current market practice.

    • 01 Feb 2018
  • BAML and JP return to smash dollar record

    Bank of America Merrill Lynch and JP Morgan made quick-fire returns to the dollar market this week and propelled dollar supply to its busiest month on record.

    • 01 Feb 2018
  • Banco Santander EUR1.25bn 2.125% Feb 22 tier two

    • 01 Feb 2018
  • Nordea Bank EUR1bn Feb 22 FRN

    • 01 Feb 2018
  • Sub bond market settles after bumpy start to the week

    Subordinated bank bonds stabilised in trading after suffering a slight bout of volatility early this week, paving the way for a pick-up in issuance as firms head out of blackout periods.

    • 01 Feb 2018
  • EU law to steer markets to green future

    Europe’s financial system turned a corner this week, as the European Commission declared it would introduce legislation to redirect markets towards sustainability and equip them to face the threat of climate change, writes Jon Hay.

    • 01 Feb 2018
  • QNB sells $1bn PP as Gulf banks continue innovative funding run

    Qatar National Bank has added to a busy run of funding with a $1bn two year private placement that it sold to a single investor, according to sources. The region's banks have tapped the Islamic and Taiwanese markets and issued in Aussie dollars.

    • 01 Feb 2018
  • Just Group tightens nearly 40bp for rare tier three deal

    Just Group, the UK insurer, met with very strong demand of more than £1.1bn for a £230m tier three bond in the sterling market on Thursday.

    • 01 Feb 2018
  • Barclays cuts hit EMEA levfin head, ECM vice-chair, other senior bankers

    The round of redundancies at Barclays Investment Bank has hit more senior figures, including the head of EMEA leveraged finance, a vice-chairman in ECM, the COO of EMEA banking, as well as other managing directors across the origination businesses.

    • 01 Feb 2018
  • Helaba finds favour in sixes

    Landesbank Hessen-Thüringen Girozentrale (Helaba) and Sparkasse Pforzheim Calw issued tightly priced Pfandbriefe with quite limited demand on Thursday.

    • 01 Feb 2018
  • Santander goes T2 shopping after results

    Banco Santander brought out a 10 year tier two bond on Thursday on the back of announcing its full year results, at which it said it needed extra subordinated debt because of its acquisition of Banco Popular.

    • 01 Feb 2018
  • BPER becomes first covered issuer in ED

    BPER Banca has become the first covered bond issuer to publish and upload loan data into the European Data Warehouse (ED). The move will boost investor appeal, help rating agencies meet European Central Bank requirements and could become important for programmes with extendable maturities.

    • 01 Feb 2018
  • Domodedovo Airport adds to Russia supply

    Moscow’s Domodedovo Airport (DME) has named leads for dollar roadshows, potentially adding to the $2bn of supply from Russian issuers so far this year.

    • 01 Feb 2018
  • QNB sells $1bn bond to single investor

    Qatar National Bank has added to its run of funding with a $1bn two year private placement, according to sources.

    • 01 Feb 2018
  • FAB starts public funding run in sukuk

    First Abu Dhabi Bank will follow Dubai Islamic Bank to the sukuk market as GCC banks look to tap into the enormous pool of Islamic liquidity in the region.

    • 01 Feb 2018
  • Zhongtai pushes out short term dollar bond

    Chinese issuers are continuing to circumvent regulatory approval for offshore fundraising by going down the short-term note issuance route, with Zhongtai Securities becoming the latest name to hit the market.

    • 01 Feb 2018

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 4,052.17 16 6.87%
2 UniCredit 3,888.71 20 6.59%
3 Credit Suisse 3,715.52 17 6.30%
4 Barclays 3,348.56 16 5.67%
5 Deutsche Bank 2,972.40 12 5.04%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 16,645.90 69 6.84%
2 Morgan Stanley 16,288.66 59 6.69%
3 JPMorgan 16,212.01 56 6.66%
4 Bank of America Merrill Lynch 15,866.43 43 6.52%
5 Citi 14,967.16 63 6.15%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 15,573.24 61 10.79%
2 Bank of America Merrill Lynch 14,541.23 37 10.08%
3 JPMorgan 14,141.75 39 9.80%
4 Morgan Stanley 13,590.57 45 9.42%
5 Citi 13,439.84 50 9.31%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,768.78 13 10.71%
2 UniCredit 2,555.78 10 7.26%
3 Deutsche Bank 2,505.35 8 7.12%
4 SG Corporate & Investment Banking 2,239.57 9 6.36%
5 Credit Suisse 2,135.65 6 6.07%

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 UBS 2,543.19 7 19.67%
2 Credit Agricole CIB 2,031.40 2 15.71%
3 SG Corporate & Investment Banking 1,447.57 4 11.19%
4 BNP Paribas 1,314.77 3 10.17%
5 JPMorgan 657.14 4 5.08%