• Wells looks for outsider as next CEO as Sloan quits

    Tim Sloan, CEO and president of Wells Fargo, has announced his retirement, after several years of regulatory and legal pressure on the bank as a result of mis-selling revelations. Sloan was a Wells veteran; the US bank will now not choose one its own staff as his permanent replacement.

    • 29 Mar 2019
  • Banks dominate Swissies, with French, Korean and domestic issuers

    Following a flurry of corporate deals earlier in the month, financial institution issuers took control of the primary Swiss franc bond market this week.

    • 29 Mar 2019
  • Bank of Baroda ends bond hiatus with pre-merger deal

    Bank of Baroda returned to the market on Thursday to sell its first dollar deal in nearly five years. The bank, acting through its London Branch, raised $800m in a sale that came just days before its expected merger with Vijaya Bank and Dena Bank.

    • 29 Mar 2019
  • Corporate Japan rakes in international funding

    The yen bond market, for all its vibrancy, cannot contain Japan’s ambitious issuers. Banks and corporates are building on efforts to woo dollar and euro investors as they thirst for new sources of funding, writes Morgan Davis

    • 28 Mar 2019
  • Policy holds key role in China's TLAC task

    Chinese banks will require a helping hand to comply with international standards on loss-absorbing capacity, as they go from being part-time users of the global capital markets to big players in debt financing. Luckily for them, domestic regulators appear increasingly keen for the banking sector to be recapitalised. Tyler Davies reports

    • 28 Mar 2019
  • Japan’s leading credits navigate a volatile market

    Japan’s top issuers occupy a unique part of Asia’s bond market landscape. They are well-regarded enough — and rated highly enough — that moments of fear in the credit markets can lead to more demand for their deals, rather than less. They face a domestic bond market defined by negative interest rates, an investor base that is ultra-sensitive to movements in the swap rate and an expectation from the government that their funding costs will remain tight.

    • 28 Mar 2019
  • It is not populists holding up EU financial integration

    Forget the anti-EU politicians preparing to make gains in the upcoming European Parliament elections. Just as in the eurozone crisis, it is the incumbents holding up reform in the bloc.

    • 28 Mar 2019
  • Mediobanca EUR500m 1.625% Jan 25

    • 28 Mar 2019
  • People moves in brief

    JPM securitization banker leaves — Goldman Brexiter quits for politics — Balax enrols in fintech course

    • 28 Mar 2019
  • Coventry Building Society GBP415m 6.875% PNC5.5AT1

    • 28 Mar 2019
  • AT1 calls: how about a little freedom?

    There is nothing wrong with letting banks decide for themselves if refinancing an additional tier one is in their own best interests.

    • 28 Mar 2019
  • Staley takes CIB hot seat as Throsby exits

    Barclays’ chief executive Jes Staley has seized direct control of corporate and investment banking (CIB) again, instigating sweeping changes as he fights to boost returns at the unit and block a shareholder activist’s attack. David Rothnie reports.

    • 28 Mar 2019
  • CIBC completes missing TLAC link in the dollar market

    Canadian Imperial Bank of Commerce (CIBC) has become the last big Canadian bank to hit the dollar market with a deal to comply with the country’s new bail-in regime.

    • 28 Mar 2019
  • Coventry takes control of AT1 as regulators loosen refi grip

    Participants in the financial institutions bond market were bewildered to see Coventry Building Society paying up to issue a new additional tier one and tender for an old one this week. But the transaction gave other issuers a window into how European rules on bank capital may be applied in practice — something that could pave the way for new and more liberal approaches to calling and refinancing AT1s, writes Tyler Davies.

    • 28 Mar 2019
  • FIG market rises to a new challenge: esoteric issuers

    Financial institutions bond bankers were pleased to see investors welcome new capital trades from Caixa Económica Montepio Geral and Van Lanschot this week, as smaller and rarer names hit screens after a boom in supply this month.

    • 28 Mar 2019
  • Deutsche cash call to fund Commerz merger far from certain

    Shares in Deutsche Bank, the largest bank in Germany, fell as much as 4.5% on Thursday after reports that it is considering raising fresh equity capital to finance its potential merger with Commerzbank, two years after its last €8bn rights issue.

    • 28 Mar 2019
  • BNPP looks west for banking model

    The French bank is continuing to execute its plan to become Europe’s leading corporate finance house, despite headwinds and looming consolidation, writes David Rothnie.

    • 28 Mar 2019
  • Dutch central bank is first to sign PRI pledge, may allocate systematically to green bonds

    De Nederlandsche Bank has become the first central bank to sign the Principles for Responsible Investment, as the next stage in its development of a fuller approach to sustainability, including in its investments.

    • 28 Mar 2019
  • Swedbank sacks CEO amid money laundering scandal

    Swedbank has removed its CEO and president, Birgitte Bonnesen, as revelations about potential money laundering at the Swedish bank exploded in recent days.

    • 28 Mar 2019
  • Aegon tightens 37.5bp to land long-awaited RT1

    Dutch insurer Aegon surfaced in the euro market on Thursday to sell a restricted tier one deal that investors had been expecting for the best part of the past two years.

    • 28 Mar 2019
  • NIPs return to FIG market but rally not yet run

    Banque Fédérative du Crédit Mutuel (BFCM) and Group BPCE profited from favourable issuance conditions to bring new senior trades to the euro market this week, though bankers say that borrowers have had to start paying premiums to investors again.

    • 28 Mar 2019
  • Sondrio caps off big week for Italian bank bond supply

    Issuance of Italian bank debt in 2019 has nearly caught up with last year’s running total. Banca Popolare di Sondrio this week followed Mediobanca and UniCredit into the market to cap off a big week of supply by the nation’s lenders. The run could yet extend further, with UBI Banca gearing up for a debut green bond.

    • 28 Mar 2019
  • Banks buoyed as ECB members signal flexibility on TLTROs

    European banks have been given a boost in equity and debt markets this week, after Peter Praet, a member of the European Central Bank’s executive board, suggested that the terms of a new series of targeted longer term refinancing operations (TLTRO III) could be made more favourable for banks, if needed, to help them lend to the economy.

    • 28 Mar 2019
  • India credits rush to market ahead of elections, year-end

    Indian bonds issuers are racing to the offshore market for cash to beat the country’s financial year-end and the uncertainty of a general election straight afterwards. Morgan Davis and Addison Gong report.

    • 28 Mar 2019
  • Brexiter Sismey leaves Goldman for politics

    David Sismey has decided to quit his senior financial institutions role at Goldman Sachs in order to pursue a career in British politics.

    • 27 Mar 2019
  • Oma finds strong demand, gets upsize and minimal NIP

    Oma Savings Bank proved popular on its return to the euro covered bond market on Wednesday, allowing it to hit the upper end of its size ambitions and only pay a slim premium to investors.

    • 27 Mar 2019
  • Montepio offers to pay 10.5% on debut tier two

    Caixa Económica Montepio Geral opened books for its first public tier two capital issue on Wednesday, announcing eye-catching price thoughts of 10.5% area.

    • 27 Mar 2019
  • Banks feel their way to freedom on whether to call AT1

    Recent supply of additional tier one capital bonds has confirmed to investors that reset spreads are not the only game in town for banks, when it comes to deciding whether to leave an instrument outstanding beyond a call date.

    • 27 Mar 2019
  • ECB bank supervision conflicts with covered bonds

    The European Central Bank, as the bank supervisor, has a clear mandate to maintain a bank as a going concern, but that is not necessarily positive for covered bonds. The forthcoming European covered bond directive may help mitigate these concerns — but it is not guaranteed.

    • 26 Mar 2019
  • Italian supply builds as Mediobanca makes successful return

    Italy’s Mediobanca made light work of its return to the senior unsecured market on Tuesday, launching a well subscribed €500m bond with a negative new issue premium, according to a banker on the deal.

    • 26 Mar 2019
  • Deutsche puts FIG banker at risk

    A FIG specialist at Deutsche Bank has been put at risk of losing his job, GlobalCapital understands.

    • 26 Mar 2019
  • BPCE prices tight in non-preferred

    Despite some concerns over the shaky credit backdrop that surfaced last week, BPCE attracted a comfortably oversubscribed order book for its tightly priced €1bn six year senior non-preferred on Tuesday.

    • 26 Mar 2019
  • Van Lanschot succeeds with second shot at AT1 debut

    Van Lanschot was able to privately place €100m of additional tier one capital on Monday, after failing to complete a transaction last year. The new deal was at the upper end of the Dutch issuer’s size ambitions, but came with a higher coupon than it had initially been targeting.

    • 26 Mar 2019
  • TwentyFour AM anchors innovative but puzzling AT1 from Coventry

    Coventry Building Society was set on Tuesday to become the first ever issuer to simultaneously sell new additional tier one notes and tender for outstanding bonds, in an approach that could soon be followed by other European financial institutions. The transaction was facilitated by TwentyFour Asset Management, which is a ‘significant investor’ in both the firm’s new and old AT1s.

    • 26 Mar 2019
  • Oma Savings Bank lines up as investors hunt for juicier yields

    Oma Savings Bank plans to open order books for a covered bond on Wednesday following an earlier roadshow. The deal comes amid a dearth of covered bond supply this week and a return to negative rates suggesting good scope for ultra-long dated supply.

    • 26 Mar 2019
  • ABN sees efficiency in US branch licence

    ABN Amro is looking for a branch licence for its US business, GlobalCapital understands, which the Dutch bank believes would allow it to be more efficient from an operational point of view.

    • 26 Mar 2019
  • Non-bank Dutch mortgage model goes global

    Mortgage origination backed directly by institutional investors has taken hold in the Netherlands, and is now spreading further afield, with similar models expanding in Sweden and Australia. Direct origination now accounts for around a quarter of the Dutch market, with banks having lost share.

    • 25 Mar 2019
  • EBA rejects capital proposition for deferred tax

    The European Banking Authority was asked if a bank could boost its capital ratio by insuring against the possibility of its deferred tax assets (DTAs) not converting into tax credits. The EBA said no.

    • 25 Mar 2019
  • Potential Nexi investors focus on price not politics

    Investors looking at the multi-billion euro listing of Italian payments company Nexi are largely comfortable with the country’s political environment, focusing more on whether its private equity sellers will seek too high a price.

    • 25 Mar 2019
  • LeasePlan launches chunky holdco refi

    LeasePlan has launched a €1.3bn high yield bond from its Lincoln Financing holding company to pay back the original €1.6bn-equivalent holdco acquisition debt from its 2016 purchase by a consortium led by TDR Capital, and including Abu Dhabi Investment Authority, GIC and PGGM.

    • 25 Mar 2019
  • Nordea AM sees spread opportunities with new covered bond fund

    Nordea Asset Management’s European Covered Bond Opportunities fund has gotten off to a flying start, having been launched in February on the premise it would deliver twice the return of its low duration predecessor.

    • 25 Mar 2019
  • Green drive dwarfed by lenders’ $1.9tr fossil fuel financing

    Banks have pumped $1.9tr into fossil fuel financing since the Paris Agreement was signed, according to a new report. This is despite the widespread push from investors and shareholders for a greener approach to funding business.

    • 25 Mar 2019
  • FIG market seeks new challenge: esoteric issuers

    Debt capital market officials are curious to see whether financial institutions bond investors are prepared to welcome deals from rarer and smaller names, after the boom in supply in March.

    • 25 Mar 2019
  • RakBank goes on the road for dollars

    The National Bank of Ras Al-Khaimah has picked banks for a dollar benchmark, keeping up the steady flow of Middle Eastern paper.

    • 25 Mar 2019
  • EBA gains AML muscle but EU members resist centralised supervision

    The European Council and Parliament signed a deal last week regarding the bloc’s financial supervisors. The European Banking Authority was set to receive new anti-money laundering (AML) responsibilities, but member states blocked some attempts to centralise supervisory powers.

    • 25 Mar 2019
  • Rogers to take over Coen’s job as Basel secretary

    Canadian regulator Carolyn Rogers has been appointed as the next secretary general of the Basel Committee on Banking Supervision, replacing William Coen.

    • 22 Mar 2019
  • Virgin Money enjoys solid reception for debut covered bond

    Virgin Money issued its debut covered bond on Friday. The deal was well subscribed but it attracted much less demand that two earlier Sonia-linked trades this week, reflecting weakening sentiment among investors.

    • 22 Mar 2019
  • Winter is coming to MUFG

    Ex-Barclays honcho John Winter has been appointed CEO of MUFG Securities for the Europe, Middle East and Africa region, and head of the Japanese bank’s global corporate and investment banking business for EMEA.

    • 22 Mar 2019
  • Canara Bank, BRI herald non-China supply pick-up

    India’s Canara Bank and Bank Rakyat Indonesia this week gave investors a chance to diversify away from Greater China supply, pricing their respective five year dollar bonds.

    • 22 Mar 2019
  • Chengdu LGFV, Zhongtai International snap up funds

    Local government financing vehicle (LGFV) Chengdu Economic and Technological Development Zone State-Owned Assets Investment doubled the size of a 2022 bond on Thursday, while another Chinese issuer Zhongtai Financial International walked away with $200m from a sub-one year note.

    • 22 Mar 2019
  • Sweat and tears: regulators fire out no-deal Brexit plans

    As the UK hurtles towards departure from the EU with no Brexit resolution in sight, the risk of the country leaving without a deal is ramping up. Regulators on both sides of the Channel have been preparing for the worst outcome.

    • 22 Mar 2019
  • Prepare for the worst: No Deal is most likely outcome

    Capital market specialists are good at living with radical uncertainty. Just as banks and investors carried on calmly trading US Treasuries through successive debt ceiling crises, they are now displaying similar sangfroid about Brexit.

    • 21 Mar 2019
  • Bank debt: finding resolve in the face of a resolution

    The courts are starting to show that they have a key role to play in determining how EU bank resolutions play out.

    • 21 Mar 2019
  • People moves in brief

    Nomura strengthens special situations team — JP Morgan’s Orssten retires — Gamekeeper goes back to being poacher at Rand

    • 21 Mar 2019
  • UK banks stockpile funds as Brexit panic starts to build

    UK financial institutions piled into the credit markets this week, despite the fact that the UK could be a week away from leaving the EU and its politicians have still not agreed on a course for withdrawal. They may have been just in time, with panic building around the risk of a ‘no-deal’ Brexit.

    • 21 Mar 2019
  • QNB slashes spread as Sharjah lines up

    Qatar National Bank hit the market on Thursday while Sharjah is going on the road to promote a sukuk.

    • 21 Mar 2019
  • Barclays' IB strategy validated ahead of Bramson clash

    Barclays is under pressure from activist investor Edward Bramson to slim down its investment bank. But among top European IBs, it made the second highest amount of revenue in Europe, the Middle East and Africa in 2018, according to new research. The results were less promising for Deutsche Bank, however.

    • 21 Mar 2019
  • Markets beginning to tire of Turkey

    Turkey’s capital markets rehabilitation has been one of the most remarkable emerging markets stories of the past six months, but investors’ appetite for the nation’s paper is finally starting to wear thin.

    • 21 Mar 2019
  • Obituary: Vishal Savadia, a widely respected expert on bank capital

    It is with much sadness that we have to report the death of Vishal Savadia.

    • 21 Mar 2019
  • AT1 refi frenzy shows how the shape of the market has changed

    A surge of additional tier one issuance this week shone a light on how activity in the market is going to shape up in the coming months and years — refinancing is now the main game in town.

    • 21 Mar 2019
  • Deutsche reinforces Americas debt syndicate desk

    Deutsche Bank has added two senior bankers to its Americas debt syndicate desk in New York as it looks to build on a strong start to the year in investment grade DCM.

    • 21 Mar 2019
  • Heathrow, Citi and Geberit plug into scarcity value in Swissies

    Swiss franc investors leapt headlong into the Brexit turbulence on Thursday morning, giving a solid reception to the first Swissie deal of the year from a UK corporate borrower.

    • 21 Mar 2019
  • Citi wins box seat on Deutsche and opens gate to Flood

    The Commerzbank and Deutsche Bank talks have given Europe’s FIG bankers an unexpected source of cheer, writes David Rothnie.

    • 21 Mar 2019
  • Danish Ship Finance plots maiden voyage

    The unique assets and business model of Danish Ship Finance meant the price discovery process was much more challenging for its first euro covered bond than is typical. However, with a conservative starting spread the issuer reeled investors in for its inaugural euro benchmark on Thursday.

    • 21 Mar 2019
  • Crédit Agricole takes size and spread in covered bonds

    Crédit Agricole attracted strong demand for its larger than usual public sector backed covered bond on Thursday, with the strong take-up in stark contrast to its previous issue.

    • 21 Mar 2019
  • Vakifbank opens book for bond market comeback

    Vakifbank is taking orders for a five year dollar bond — its first benchmark deal in more than a year.

    • 21 Mar 2019
  • Bank of Georgia keeps size down on AT1 debut

    Bank of Georgia is in the market with its first ever additional tier one bond on Thursday, offering a generous yield but keeping the size down.

    • 21 Mar 2019
  • FIG market marches on after Fed ‘saves the day’

    An outburst of activity in the financial institutions bond market was punctuated by a pause for reflection in the middle of the week, but Nykredit Realkredit was leading a return to supply on Thursday as DCM officials rejoiced at signs of more support for credit markets from the US Federal Reserve.

    • 21 Mar 2019
  • RBS braves sterling amid last minute Brexit brouhaha

    Royal Bank of Scotland brought a new holding company level transaction in front of sterling investors on Thursday, as market participants remain confused about the outcome of Brexit a week ahead of the UK’s scheduled date of departure from the EU.

    • 21 Mar 2019
  • QNB hits market, Sharjah lines up to follow

    Qatar National Bank hit the market on Thursday, nipping into the market just behind Qatar Islamic Bank’s $750m five year sukuk. Its Middle Eastern neighbour, Sharjah, is going on the road to promote its own sukuk.

    • 21 Mar 2019
  • Covered bond directive takes final form

    The final text of the Covered Bond Directive was approved on Wednesday and will go to the European Parliament in Strasbourg for a final vote in mid-April.

    • 21 Mar 2019
  • Minsheng brings loan-backed notes to life

    China’s Minsheng Financial Leasing Co reintroduced bonds backed by loans to the Asian market this week, but the revival of such a rare structure for the region comes with challenges and concerns.

    • 21 Mar 2019
  • Danmarks Skibskredit sets sail with first euro covered bond

    Danmarks Skibskredit has mandated leads for a 3.5 year single A rated Danish covered bond secured on shipping loans.

    • 20 Mar 2019
  • Skipton scores solid Sonia success as UK banks hit covereds

    Skipton Building Society took advantage of a strong credit market and brief hiatus in the quickly evolving and politically chaotic backdrop to Brexit to issue a £600m five year Sonia linked covered bond. The deal was more heavily subscribed and attracted a broader range of investors than any of its previous deals, yet was priced with little or no new issue premium.

    • 20 Mar 2019
  • Vakifbank to follow sovereign into market

    Vakifbank will be the next borrower to join the growing list of Turkish credits returning to the bond market after the nation’s currency crisis in 2018.

    • 20 Mar 2019
  • Peripheral covered bonds lead the way

    Crédit Agricole Italia’s eight year covered bond has the highest BondMarker average score of any deal issued so far this month. The transaction is closely followed by deals from Banco BPI and BPER Banka. Intesa Sanpaolo is leading among the six Italian covered bonds issued this year, but the survey is still open and some marks could yet improve.

    • 20 Mar 2019
  • Barclays offers new test of UK risk appetite amid AT1 refi frenzy

    Barclays gave investors a chance to buy deeply subordinated UK bank risk on Wednesday, joining a string of issuers in hitting the additional tier one market ahead of impending call dates.

    • 20 Mar 2019
  • Investors chase ‘undervalued’ CoCo mart as global search for yield resumes

    Market participants expect that bank capital valuations will rally much further in 2019, with investors reverting to a hunt for yield amid the prospect of interest rates being lower for longer.

    • 20 Mar 2019
  • Minsheng Leasing injects life into Asian loan-backed notes

    China’s Minsheng Financial Leasing Co has brought loan-backed bonds back to the Asian market, reviving a structure that is rare in the region.

    • 20 Mar 2019
  • This central bank show cannot go on

    This year’s bull market in credit and equities stems from central banks trying to soften the blow of a downturn, rather than from expectations of actual growth. This irony cannot last, for reasons of economics, policy and politics.

    • 19 Mar 2019
  • Skipton sets eyes on Sonia first

    Skipton Building Society has mandated leads for its first Sonia-linked covered bond. The issuer follows National Westminster Bank and takes advantage of an improvement in sentiment that followed a UK Parliament vote last week.

    • 19 Mar 2019
  • CaixaBank prices preferred flat to curve

    CaixaBank took advantage of strong market conditions to issue a €1bn seven year senior preferred transaction on Tuesday with strong demand allowing the issuer to price flat to its curve. At the same time, RBS opened order books for a dollar-denominated five year senior deal.

    • 19 Mar 2019
  • BBVA plans ahead in AT1

    BBVA was set to replenish its additional tier one (AT1) capital base on Tuesday, launching a deal designed to give it more options when it comes to calling outstanding bonds.

    • 19 Mar 2019
  • Three banks push out tier twos on super Tuesday

    Danske Bank and Crédit Agricole took a combined €2bn of tier two debt out of the market on Tuesday, while Bawag was also active on a busy day for FIG syndicates.

    • 19 Mar 2019
  • Credit Bank of Moscow snags $500m in Russia return, Evraz on the way

    Russian borrowers are returning to life as investors start to brush off sanctions risks, though issuance is still weak compared to the same time last year. Evraz hits the road for a five year dollar bond on Wednesday and Credit Bank of Moscow (CBM) came to market on Monday.

    • 19 Mar 2019
  • VUB issues debut Slovak euro benchmark

    Slovak Vseobecna uverova banka (VUB) attracted a €2.5bn orderbook from 160 mostly new investors on Tuesday for its first benchmark covered bond and the debut benchmark from Slovakia. The deal sends a strong signal to other borrowers across Central and Eastern Europe, where several banks are lining up with debut benchmarks of their own.

    • 19 Mar 2019
  • The perverse logic of Deutsche-Commerzbank

    The potential merger of Deutsche Bank and Commerzbank has been repeatedly panned since it was first floated, with good reason. But at the level of the whole German banking system, there is a certain logic to it.

    • 19 Mar 2019
  • KfW would provide Deutschmerz exit for German gov

    KfW, the German state-owned development bank, could be used to support the merged entity of Deutsche Bank and Commerzbank by taking on the government's stake in the latter.

    • 18 Mar 2019
  • FIS plans to raise $11bn for Worldpay purchase

    US company FIS is buying the formerly RBS-owned Worldpay in a debt-funded $43bn transaction, a deal that will form one of the biggest financial services technology and payment companies in the world.

    • 18 Mar 2019
  • UK trio hit covered bonds as Brexit woes recede

    Lloyds Bank and National Westminster Bank issued exceptionally well subscribed covered bonds respectively in euros and sterling on Monday as Virgin Money announced roadshow plans for its debut deal. The three borrowers took advantage of the UK Parliamentary vote to avert a ‘no deal’ Brexit.

    • 18 Mar 2019
  • Bankia blows out as credit markets march on

    Bankia used €6bn of demand on Monday to launch a new senior bond at a spread that was tighter than the fair value implied by on-looking bankers. SpareBank 1 SR-Bank was also active in euros at the beginning of the week, as credit markets got off to a flying start on the back of a recent rally.

    • 18 Mar 2019
  • BNP Paribas gets started on 2019 debt capital goals

    BNP Paribas opened books on a new additional tier one in dollars on Monday, having told the market that it would be looking to raise an equivalent of €3bn of subordinated debt in 2019.

    • 18 Mar 2019
  • Credit Bank of Moscow hits screens for dollar return

    Credit Bank of Moscow (CBM) opened books on Monday for its return to the dollar market, taking orders for five year loan participation notes.

    • 18 Mar 2019
  • VUB to issue Slovakia’s first covered bond benchmark

    After completing a roadshow, Slovak Vseobecna uverova banka (VUB), a subsidiary of Intesa Sanpaolo, is set to issue its first euro-denominated covered bond in benchmark size.

    • 18 Mar 2019
  • Deutsche’s misfiring CIB a crucial factor in Commerz merger plans

    Deutsche Bank has signalled its commitment to maintaining a “strong capital markets business” after admitting it has begun formal merger talks with smaller rival Commerzbank.

    • 18 Mar 2019
  • EU eyes insurers’ money to support European equity

    The European Commission proposed earlier this month tweaking the capital requirements for insurance companies, through the creation of a new “long-term equity investments” class in the Solvency II regulation.

    • 18 Mar 2019
  • BBVA honorary chair steps back amid spying scandal

    Francisco González has temporarily resigned from the BBVA board until an investigation into spying is completed.

    • 18 Mar 2019
  • Covereds ‘on fire’ as investors lap up peripheral deals

    Crédit Agricole Italia took 50% more covered bond funding than it had expected on Friday after being swamped with demand for a new eight year deal, while Banco BPI reopened the Portuguese covered bond market with a €500m transaction that received seven times as much interest from investors.

    • 15 Mar 2019
  • BoCom HK sells bond package for Bay Area financing

    Bank of Communications Hong Kong branch has raised over $1.6bn from bonds in three different currencies. The pricing of its US dollar floating rate tranche defied market expectations.

    • 15 Mar 2019
  • NIPs gnawed off as investors scrap for bonds

    New issue premiums have all but vanished from European bond markets, as well as the dollar market for supranationals, sovereigns and agencies, with borrower after borrower ramming pricing down to its curve — and in some cases, way through it. Everyone knows it will end at some point, but for now, investors are offering no resistance — in fact, they are chasing deals tighter. By Jon Hay, Burhan Khadbai, Mike Turner and Tyler Davies

    • 14 Mar 2019
  • Green bonds: the bigger, the better

    The green bond market is still simply too small for its investors to be discerning.

    • 14 Mar 2019
  • BB&T and SunTrust team up as FIG flies in dollars

    Financial institutions, ranging from Wall Street heavyweights to regional lenders, dominated the dollar bond market this week, offering supply across the size and credit rating spectra.

    • 14 Mar 2019
  • Middle East leads flurry of EM AT1s

    Emirates NBD brought its first additional tier one (AT1) bond to market on Wednesday, printing the Middle East’s largest deal in the format. Now others in the emerging markets are set to follow.

    • 14 Mar 2019
  • Barclays waits on ‘tactical’ Euroyen amid Brexit noise

    Barclays has prepared new issuance in Japan while it waits out this week’s Brexit drama. The yen market is proving popular among European banks, which are taking advantage of favourable conditions to make total loss-absorbing capacity (TLAC) issuance.

    • 14 Mar 2019
  • Intesa hits ‘resilient’ yen market for new Pro-Bond

    Intesa Sanpaolo took advantage of the search for yield among Japanese investors this week to make its second outing in the Tokyo Pro-Bond market.

    • 14 Mar 2019
  • Danske Bank EUR500m 1.625% Mar 24 green

    • 14 Mar 2019
  • UniCredit EUR1bn 7.5% PNC7.2 AT1

    • 14 Mar 2019
  • BPI to reopen Portuguese covered bonds

    Banco BPI mandated lead managers for a five year Portuguese covered bond on Thursday — the first from the country since October 2017. The announcement suggests borrowers have a good reason to hit the market even though they will be able to fund more cheaply by tapping the European Central Bank.

    • 14 Mar 2019
  • MAS to consider covered bond repo eligibility

    The Monetary Authority of Singapore (MAS) is considering making covered bonds eligible for repo, but Singapore dollar issuance would probably be needed, delegates at the Euromoney/ECBC Asian Covered Bond Forum heard this week. Domestic currency issuance would improve the resilience of Singapore’s banking system and potentially encourage other banks to set up programmes.

    • 14 Mar 2019
  • Taxonomy law in doubt as countries drag feet, conservatives weaken text

    Both the nature and timing of the European Union’s planned Taxonomy of Sustainable Economic Activities are in doubt. Conservative members of the European Parliament this week voted down an ambitious draft of the bill, and some nation states appear reluctant to push the Taxonomy bill through to the statute book before the European elections in May, writes Jon Hay.

    • 14 Mar 2019
  • Bank of Georgia takes aim at AT1

    The Bank of Georgia has mandated banks for an additional tier one deal — its debut in the format.

    • 14 Mar 2019
  • Rare Swiss Re tier two ‘sells itself’ in red hot market

    Swiss Re met with strong demand on its return to the euro market on Thursday, enabling it to crank in pricing on a new subordinated bond.

    • 14 Mar 2019
  • Orient AMC bond draws mega book as pipeline builds

    China’s state-owned ‘bad debt’ managers are making a comeback in the offshore market, after a rally in the sector. China Orient Asset Management Co this week became the second in a month to price bonds and there are more deals on the way. Addison Gong reports.

    • 14 Mar 2019
  • The FIG idea: sci-fi horror meets utopian dream

    As Marcella climbed into the transport pod for her short journey home to her cosy apartment in the Chongqing suburbs, her wristwatch buzzed, reminding her that this would be her last ever commute. She leaned back and thought of the days when she started out in banking, in 2007, right at the start of GFC1, the first Global Financial Crisis. In her 43 year career, how the world had changed.

    • 13 Mar 2019
  • UniCredit extends covered curve at tighter spread

    UniCredit Bank Austria returned to the covered bond market for the second time this year on Wednesday extending its curve with a a new 10 year deal.

    • 13 Mar 2019
  • Emirates NBD takes $1bn with AT1

    Emirates NBD came to market for its first additional tier one bond on Wednesday morning, printing what what data suggests is the Middle East’s largest ever deal in the format.

    • 13 Mar 2019
  • FIG market ‘desperate’ to move on from Brexit

    No matter how close UK politicians are to settling negotiations for the country’s departure from the European Union, many participants in the FIG market are longing to see Brexit as a done deal.

    • 13 Mar 2019
  • This unsceptred isle: the problem for mid-tier UK banks after Brexit

    A vote to leave the EU has left the population of the UK divided. The country’s banking sector will increasingly come to share in this division, with the largest financial institutions able to muddle on in capital markets even as smaller lenders find themselves beholden to events in domestic politics.

    • 12 Mar 2019
  • Battle over Taxonomy in Euro Parliament as conservatives fight back

    Conservative and liberal members of the European Parliament have voted down an ambitious draft of the bill to set up the EU’s Taxonomy of Sustainable Economic Activities, in favour of a weaker text with fewer safeguards for the environment and society.

    • 12 Mar 2019
  • Danske finds benefits in going green despite money laundering scandal

    Danske Bank attracted impressive levels of demand for its debut green bond on Tuesday and managed to price the deal flat to fair value. Market participants said that green-specific accounts will have helped the transaction gain momentum, even if funds with environmental, social and governance (ESG) mandates are still smarting over the bank’s alleged involvement in a high profile money laundering scandal.

    • 12 Mar 2019
  • NIBC lands eight year amid CPT crackdown

    NIBC Bank paid a handful of basis points of new issue premium to launch a new conditional pass through covered bond on Tuesday, despite having taken a tougher route to the market by targeting a maturity at the longer end of the curve.

    • 12 Mar 2019
  • Brexit boost gives UniCredit a window for ‘opportunistic’ AT1

    UniCredit raised €1bn of additional tier one (AT1) capital on Tuesday without paying a premium to its investors. It had been encouraged to open a new deal after the financial institutions bond market jumped in the run-up to a series of votes on Brexit by the UK parliament.

    • 12 Mar 2019
  • Credit Bank of Moscow lines up dollar comeback

    Credit Bank of Moscow (CBM) is going on the road to promote a dollar loan participation note, returning to its usual external funding currency after a flirtation with euros in February.

    • 12 Mar 2019
  • UK issuers eschew euro covered bonds, despite a firmer bid

    UK covered bonds have begun to perform in the secondary market, with investors spying opportunities to pick-up good relative value and sound fundamental protection. But UK issuers have been notable for their absence in euros this year due to continuing uncertainty around the outcome of Brexit.

    • 12 Mar 2019
  • Sewing ponders shotgun marriage for DB with Commerz

    The prospect of a tie-up between Deutsche Bank and Commerzbank has put FIG bankers on red alert as they anticipate a ripple effect of bank consolidation across Europe.

    • 11 Mar 2019
  • Nordea issues tightest non-German covered of 2019

    Nordea managed to raise €1.5bn of seven year funding at 4bp over mid-swaps on Monday — the tightest spread of any covered bond issued this year, other than in Germany. But subscription ratios for core covered bonds are falling and some key investors are lowering their orders.

    • 11 Mar 2019
  • BPER increases 'no-grow' covered bond

    BPER Banca issued an exceptionally well subscribed Italian covered bond and, although it originally planned to issue a €500m no-grow, it took the unusual step of increasing the deal size to €600m "as a token gesture on behalf of the leads".

    • 11 Mar 2019
  • Barclays considers ‘tactical’ Euroyen deal amid Brexit uncertainty

    Barclays is ready to head to Japan with a new bond offering if a series of crucial votes in the UK Parliament this week can help to clarify the next steps in the Brexit process.

    • 11 Mar 2019
  • 'Game changer': EU law to make investors declare environment and social impacts

    The EU has got another piece of its Sustainable Finance Action Plan over its most important political hurdle. At 5.30am on Thursday, after an all night session that had started at 8pm, negotiators in Brussels reached a deal on the Sustainability Disclosure Regulation. The law goes further than originally planned: investors are guided to consider their impacts on the real world, as well as inward risks to their portfolios, and to conduct due diligence.

    • 08 Mar 2019
  • Introducing the Covered BondMarker league table builder

    GlobalCapital's interactive Covered BondMarker League Table Builder for covered bonds provides an up-to-date ranking of banks that have worked on the highest quality deals and you don't need to be a subscriber to use it.

    • 08 Mar 2019
  • GlobalCapital opens Bond Awards poll 2019

    GlobalCapital today launches its poll to decide its Bond Awards - the premier accolades for issuers, banks and other participants in the international bond markets, which are decided entirely by market opinion. We invite you to vote to choose the bond issuers, investment banks, investors and other market participants that have contributed most impressively to the market during the past year.

    • 08 Mar 2019
  • Vodafone mando restarts non-dilutive equity race

    Vodafone’s £3.4bn mandatorily convertible bond with share buyback language, sold to huge demand this week, may have created a new financial product. Certainly it will set off a maelstrom of analysis and pitching to clients, as banks seek other companies willing to try this daring structure. Jon Hay and Aidan Gregory report.

    • 07 Mar 2019
  • Investment banks set to suffer despite strong markets

    Markets have rallied in Europe and the US so far this year across equities and credit, but participants are feeling gloomy about the prospects for investment banks' revenues in the forthcoming first quarter results.

    • 07 Mar 2019
  • TLTRO III: one step forward, two steps back?

    The European Central Bank’s new funding programme has not ended up being what it was supposed to be — a way of departing from the old market order.

    • 07 Mar 2019
  • Magic in markets can mean danger or creation

    The root of arbitrage is the same thing being priced differently in two markets. As markets have got bigger and more sophisticated, arbitrage has become harder to find.

    • 07 Mar 2019
  • People moves in brief

    Pitts-Tucker takes sole control of Nomura International IB — Hourican turns up at NewDay — NatWest hires RBC SSA banker

    • 07 Mar 2019
  • Draghi boosts credit bulls with fresh TLTRO

    European financial institution bond markets have been rallying this year as economic weakness raised expectations of renewed European Central Bank easing action. On Thursday, it delivered a new round of bank refinancing loans — sooner than thought, but reassuring nevertheless — presaging another move tighter in southern European credit. Bill Thornhill and Tyler Davies report.

    • 07 Mar 2019
  • Crédit Mutuel Arkéa EUR750m 2% Mar 31 tier two

    • 07 Mar 2019
  • Erste Group EUR500m 5.125% PNCOct 25 AT1

    • 07 Mar 2019
  • No end in sight for Brexit blues as UK banks face up to choppy markets

    UK banks have surfaced in the unsecured debt markets for the first time in about four months, buoyed by optimism about a series of crucial votes on Brexit in parliament next week. Experts suggest that the country’s financial institutions will have to get used to these sorts of narrow issuance windows, with the country yet to even start the most challenging stages of its exit from the European Union.

    • 07 Mar 2019
  • CYBG plc GBP250m 9.25% PNCJun 24 AT1

    • 07 Mar 2019
  • Covered bond NSFR carve-out not expected

    The final text of the net stable funding ratio has improved slightly compared to earlier versions, but the covered bond industry’s hopes for equal treatment relative to senior unsecured debt has fallen on deaf ears. The Council of Europe is expected to adopt the regulation from mid-March before putting it to a parliamentary vote in April.

    • 07 Mar 2019
  • Spanish regulator steps up to Basel chair

    The Basel Committee on Banking Supervision has appointed Pablo Hernández de Cos, governor of the Bank of Spain, as its new chair. He takes over as the committee looks to reflect on post-crisis regulation.

    • 07 Mar 2019
  • Emirates NBD lines up for AT1

    Emirates NBD has picked banks for a bond in the additional tier one format, aiming to be the second such deal from a Middle East bank this year.

    • 07 Mar 2019
  • ECB opts for new round of TLTROs

    The European Central Bank said on Thursday that it would launch a third series of targeted longer-term refinancing operations (TLTRO III) from September 2019, surprising market participants who expected the central bank to hold off on announcing the details of a new bank funding programme.

    • 07 Mar 2019
  • Intesa heads back to Japan for second Pro-Bond

    Intesa Sanpaolo is set to return to Japan to sell a second series of securities in the Tokyo Pro-Bond market, after opening the market for the first time for Italian issuers in February 2018.

    • 07 Mar 2019
  • BOC jumps on euro bond bandwagon

    Bank of China paid a visit to the euro bond market on Wednesday, raising €500m through its Paris branch. It was just the latest Chinese financial institution to fund in the currency.

    • 07 Mar 2019
  • FAB returns to Swiss francs

    Two emerging market borrowers familiar to investors returned to the Swiss franc market this week, injecting some geographical diversity into the sector.

    • 06 Mar 2019
  • Is Guyett the man to crack HSBC’s IB conundrum?

    Following the retirement of Robin Phillips, HSBC’s new head of global banking is well qualified to meet the challenge that has outlasted his ex-colleague, provided he can get his head around the bank’s unique structure, writes David Rothnie.

    • 06 Mar 2019
  • Sterling investors pile into ‘eye-catching’ AT1 from Clydesdale

    Clydesdale Bank was more than four times subscribed when it launched a new additional tier one capital bond in the sterling market on Wednesday, in an interesting test of demand for UK risk assets at a crucial stage in the Brexit negotiations.

    • 06 Mar 2019
  • BFCM goes long on non-pref senior debut

    Banque Fédérative du Crédit Mutuel looked to the long end with its first non-preferred senior bond on Wednesday, following the example Crédit Agricole set late last month.

    • 06 Mar 2019
  • Deutsche PBB doubles back around for tighter senior print

    Deutsche Pfandbriefbank on Wednesday tapped a senior bond sold in January at a spread that was 8bp tighter than the original re-offer level. It appeared in a busy market, with New Zealand’s ASB Finance also selling senior debt in the euro market.

    • 06 Mar 2019
  • Ukraine investors hold breath as vital election approaches

    The outcome of Ukraine’s presidential elections at the end of March will bear great influence on the nation’s economic future, and investors are fearful of the results.

    • 06 Mar 2019
  • Nordic pair target seven year deals in covereds

    Stadshypotek was able to tighten pricing by 4bp to land on top of fair value for a seven year covered bond on Wednesday, as financial institutions hit the market ahead of a European Central Bank meeting later in the week. It was joined in the euro market by the Mortgage Society of Finland (Suohyp), which was also selling a seven year deal.

    • 06 Mar 2019
  • Investors scold HSBC over coal financing policy

    A group of investors has published a letter urging HSBC to pull away from financing the coal industry, warning that these activities will leave the bank dangerously exposed to climate-related financial risks.

    • 06 Mar 2019
  • Danish Ship Finance talks to GlobalCapital ahead of debut euro covered

    Lars Jebjerg, executive vice president and chief financial officer of Danish Ship Finance, which is marketing its inaugural covered bond, talks to GlobalCapital about the bank’s distinctive business model, which has delivered stability amid the notorious volatility in underlying assets, which has sunk many lenders.

    • 06 Mar 2019
  • EU makes banks and funds report ESG risks

    Another piece of the jigsaw of greener financial markets was inserted on Tuesday last week, though hardly anyone noticed. Under the EU’s new Investment Firms Regulation, asset managers and investment banks will have to disclose their environmental, social and governance risks, including from stranded assets, and how they vote in shareholder meetings. The requirements are quite radical and amount to insisting that all firms practice ESG investing.

    • 06 Mar 2019
  • Meet a new family: the K-factors for capital

    Amid the blizzard of legislation going through Brussels in the dying days of the present Commission and Parliament’s mandate, little attention was paid last week to the new rules governing how investment managers and investment banks are supervised. But they have big implications, including bringing investment banks such as Barclays and Goldman Sachs under the European Central Bank.

    • 06 Mar 2019
  • NIBC block attracts cornerstone

    JC Flowers sold an overnight sale of Dutch commercial bank NIBC on Tuesday evening with a cornerstone investor backing the deal.

    • 05 Mar 2019
  • LiFE after Brexit: BoE opens swap arrangement

    The Bank of England is rebooting a crisis-era tool for its banks. Firms will be able to use its liquidity facility in euros (LiFE) from next week, as central banks seek to avert a liquidity crunch in a no-deal Brexit scenario.

    • 05 Mar 2019
  • Jyske prices flat to curve with record demand

    Jyske Realkredits sold a six year covered bond at a level that was flat to its existing curve on Tuesday, with an subscription ratio that was higher than any other Danish euro covered bond ever issued.

    • 05 Mar 2019
  • Barclays chair: EU cannot replace London’s capital markets

    John McFarlane, chair of Barclays, said on Monday that he hoped the EU would not turn its back on London in the Brexit negotiations. However, he expected financial activity to move out of London to Europe, and thought that — on a global scale — faster-growing economies in Asia and the US, and big technology firms, could reshape the financial industry.

    • 05 Mar 2019
  • HSBC and Lloyds reopen UK bank supply after long absence

    UK financial institutions are returning to the debt markets ahead of a fresh vote on the Brexit withdrawal agreement next week, with Lloyds Banking Group hitting the US market on Tuesday and HSBC Holdings turning to sterling after a dollar transaction earlier in the week.

    • 05 Mar 2019
  • Upgrades and sovereign supply bode well for Greek covered bonds

    Greek covered bond issuers could be ready to return to the market this month, with banks expecting ratings upgrades following an upgrade for the sovereign last week. With the Hellenic Republic attracting strong demand for its 10 year on Tuesday, Greek issuers have the potential to extend their covered bond curves.

    • 05 Mar 2019
  • Danske lines up debut green bond amid money laundering investigations

    Danske Bank is hoping to place its first issue of green bonds this month, though the market is still awaiting the findings of a series of investigations into money laundering at its branch in Estonia.

    • 05 Mar 2019
  • Erste follows through with long-delayed plans for AT1

    French demand outweighed interest from UK accounts in an additional tier one deal for the first time this week when Erste Bank sold a €500m bond that it had first planned nearly a year ago.

    • 05 Mar 2019
  • Updated: Guotai Junan sells dollar bond, follows with euros

    China’s Guotai Junan Securities Co double-dipped in the international market this week, raising $500m from the sale of a three year bullet on Monday before launching a three year euro-denominated trade on Tuesday to raise an additional €225m.

    • 05 Mar 2019
  • M&G Pru distils investments into one unit under Jack Daniels

    M&G Prudential is creating a single unit for global investments and has picked Prudential plc’s group treasurer, Jack Daniels, to lead it. The moves comes ahead of Prudential’s plan to carve out its UK and European savings arm.

    • 05 Mar 2019
  • CDBL scores tight price for $700m bond

    China Development Bank Financial Leasing Co (CDBL) has raised $700m from the bond market, leaning on anchor orders to squeeze a tight final price.

    • 05 Mar 2019
  • Danske wins strong demand for MREL trade in Norwegian kroner

    Danske Bank has turned to the Norwegian krone market to raise non-preferred senior debt, following closely behind a recent transaction in euros.

    • 04 Mar 2019
  • Funds short Metro Bank but market confident on rights issue

    Metro Bank has come under pressure from investors building short positions against it in recent days, but sources are still confident in its chances of executing a successful rights issue.

    • 04 Mar 2019
  • Jyske to issue first Danish covered bond of 2019

    Jyske Realkredit has mandated leads for the first Danish covered bond of the year. The transaction joins the pipeline alongside two other sub-benchmark deals, this time from Finnish lenders.

    • 04 Mar 2019
  • CM Arkéa looks to boost debt ratings with new tier two

    Crédit Mutuel Arkéa sold a new tier two against a strong market backdrop on Monday, as the French financial institution spelt out its desire to maintain high credit ratings and capital buffers.

    • 04 Mar 2019
  • Danish Ship Finance to issue first covered bond

    Danish Ship Finance plans to go on the road before issuing its debut euro covered bond.

    • 04 Mar 2019
  • UK banks stage market comeback after Brexit bounce

    CYBG is set to meet investors this week to gauge demand for a new additional tier one. With HSBC Holdings also selling a senior bond in dollars on Monday, UK financial institutions are returning to the market for the first time in four months amid fading fears about a worst case scenario for Brexit.

    • 04 Mar 2019
  • Germany’s biggest builder set sights on Pfandbrief entry

    Bausparkasse Schwäbisch Hall (BSH) could soon become the first German Building Society to issue a benchmark Pfandbrief. GlobalCapital speaks to Rainer Eichwede, head of finance controlling at BSH, at the 13th LBBW European Covered Bond Forum in Mainz.

    • 01 Mar 2019
  • First terrorism bond opens the way for more

    The capital markets look ready to assume more insured risk related to terrorist attacks, after UK reinsurer Pool Re, which has a government guarantee, placed the first catastrophe bond specifically covering the peril. The organisation's equivalents in other countries could consider issuance, writes Jasper Cox.

    • 01 Mar 2019

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 9,147.87 79 5.93%
2 HSBC 8,592.02 43 5.57%
3 LBBW 8,280.86 47 5.37%
4 Natixis 6,643.65 32 4.31%
5 Barclays 6,490.00 33 4.21%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 48,701.98 208 6.34%
2 Citi 46,289.08 242 6.03%
3 JPMorgan 43,447.98 225 5.66%
4 Morgan Stanley 32,140.92 186 4.19%
5 HSBC 31,394.70 193 4.09%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 40,005.70 171 11.86%
2 Citi 36,163.90 186 10.72%
3 JPMorgan 34,106.52 168 10.11%
4 Morgan Stanley 23,766.77 132 7.05%
5 Wells Fargo Securities 22,505.90 98 6.67%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 5,516.84 21 6.98%
2 LBBW 5,291.48 20 6.70%
3 Credit Agricole CIB 4,664.16 20 5.90%
4 HSBC 4,549.39 16 5.76%
5 Deutsche Bank 4,534.04 16 5.74%

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 5,933.32 13 16.20%
2 UBS 3,778.43 15 10.32%
3 Credit Agricole CIB 3,549.81 11 9.69%
4 BNP Paribas 2,554.19 12 6.97%
5 HSBC 1,977.94 14 5.40%