• GlobalCapital opens 2019 poll for SRI Awards

    GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.

    • 28 Jun 2019
  • Despite falling rates, FAB prints another big floater

    First Abu Dhabi Bank printed $900m of senior floating rate notes on Thursday, using the format for the second time this year. Although interest rates are expected to fall this year, investors seemed happy to commit funds to the product.

    • 28 Jun 2019
  • FAB looks to Taiwan for dollars

    First Abu Dhabi Bank has courted Taiwanese investors yet again, this time raising $900m from a Formosa bond.

    • 28 Jun 2019
  • Skandinaviska Enskilda Banken EUR1bn 0.05% Jul 24

    • 27 Jun 2019
  • UniCredit EUR750m 1.625% Jul 25 non-preferred senior

    • 27 Jun 2019
  • Standard Chartered EUR500m 0.9% Jul 27 sustainability

    • 27 Jun 2019
  • EBA sets out ‘ground breaking’ loan origination guidelines

    The European Banking Authority (EBA) has published a bold consultation paper setting out guidelines for loan origination and credit monitoring. Although the paper is likely to be welcomed, some areas will probably be burdensome for banks to comply with.

    • 27 Jun 2019
  • Banks set clear pricing lines on debut Saxo tier two

    The lead managers running Saxo Bank’s debut tier two transaction took an innovative approach to pricing this week, setting out a clear range for investors before the books had even been opened.

    • 27 Jun 2019
  • Reg changes prompt AT1 re-think at Commerzbank

    Changes in European banking regulation are helping to convince long-time opponents of issuing additional tier one (AT1) capital that there is value in getting involved in the asset class, with Commerzbank finally signalling this week that it intends to issue in the format.

    • 27 Jun 2019
  • Trio of banks rush to market for small NIPs

    With the quarter’s end approaching and the G20 meeting starting on Friday, the primary market saw a busy period across all asset classes on Monday, as issuers rushed to frontload supply while Skandinaviska Enskilda Banken (SEB), Nykredit Realkredit and Société Générale lined up for deals in euros.

    • 27 Jun 2019
  • Sharjah Islamic Bank USD500m 5% PNC6 sukuk AT1

    • 27 Jun 2019
  • Dovish central banks drive EM AT1 demand

    Rates are low and keep getting lower, so investors are having to turn to higher yielding forms of debt to put their money to work and get a respectable return. Issuers, particularly in the Middle East, are happy to oblige as far as their regulatory capital needs will allow.

    • 27 Jun 2019
  • BoE mulls excluding collateral without Libor language

    The Bank of England expects Libor-linked collateral to include fallback language in the event that Libor is no longer a viable benchmark, it said on Thursday, suggesting that it will no longer accept any deals without such language as collateral.

    • 27 Jun 2019
  • AT1s: still going through changes

    Can a bank ever really be certain about its interpretation of the perfect capital structure?

    • 27 Jun 2019
  • Italy’s banks rake in most funding in a month since 2014

    UniCredit and Intesa Sanpaolo printed €3bn of new debt this week, almost doubling the amount sold by Italian banks this month. Around €6.5bn of bonds have been sold in June, making it the largest amount of Italian bank bonds sold in a single month since early 2014.

    • 27 Jun 2019
  • Axa makes strong entry into covered bonds

    Axa SFH issued its debut covered bond on Thursday, attracting a comfortably oversubscribed order book for the positive yielding eight year, which was priced at close to fair value. At the same time, Nationwide Building Society took advantage of the Swiss National Bank’s more generous repo arrangements to issue a three-part covered bond denominated in Swiss francs.

    • 27 Jun 2019
  • Standard Chartered makes Kanga debut

    Standard Chartered sailed into uncharted waters on Tuesday to make its Kangaroo debut. The bank issued A$1bn ($700m) across fixed and floating rate tranches, following Barclays' A$800m return to the currency last week.

    • 27 Jun 2019
  • Korea fuels sustainability bond growth in Asia

    The blossoming green bond market in Asia is showing no signs of stopping, with a recent boom in issuance also seen in sustainability-linked bonds. As issuance for environmentally and socially conscious debt gathers momentum globally, Asia is fuelling the fire. Morgan Davis reports.

    • 27 Jun 2019
  • Banco del Estado de Chile makes Aussie return

    A pair of emerging market banks placed MTNs this week. In Australian dollars, Banco del Estado de Chile printed a 10 year note on Tuesday, while on Monday, Qatar National bank placed short end dollar paper.

    • 27 Jun 2019
  • TBC Bank defies volatility to make AT1 debut

    TBC Bank, Georgia’s largest, sold its first ever additional tier one (AT1) bond on Wednesday, completing a successful transaction in spite of political demonstrations taking place in the capital, Tblisi, this week.

    • 27 Jun 2019
  • Stan Chart makes a ‘statement’ with EM-focused sustainability bond

    Standard Chartered debut sustainability bond was nearly seven times subscribed this week after socially responsible investors embraced a deal that gave opportunities to make impacts in emerging, rather than developed, markets.

    • 27 Jun 2019
  • Société Générale EUR750m 0.875% Jun 25 non-preferred

    • 27 Jun 2019
  • Latest covered bonds can now be voted on

    Please take a couple of minutes to cast your confidential vote for the latest euro covdred bond benchmarks including those issued recently by SMBC, Nordea, KHFC and Rabobank

    • 26 Jun 2019
  • Carmignac takes two investors from Edmond de Rothschild

    Eliezer Ben Zimra and Guillaume Rigeade will join Carmignac’s fixed income team next month to manage a multi-asset fund.

    • 26 Jun 2019
  • CS issues debut Swiss franc covered bond

    Credit Suisse Switzerland issued its debut covered bond from its newly structured programme on Wednesday, achieving a very solid outcome in a short time frame. And the Swiss franc-denominated covered bond was quickly followed by another from the UK’s Nationwide Building Society.

    • 26 Jun 2019
  • UniCredit proves popular after returning to euros for non-pref

    UniCredit brushed aside any volatility in the broader Italian capital markets to issue its second senior transaction in as many weeks on Wednesday, getting away without paying a premium to its investors.

    • 26 Jun 2019
  • Helaba issues first negative yielding covered bond

    Landesbank Hessen-Thüeringen Girozentrale (Helaba) sold the first negative yielding covered bond since 2017 on Wednesday, attracting good demand for the €750m five year Pfandbrief.

    • 26 Jun 2019
  • TBC Bank offers high 10s for AT1 debut

    TBC Bank, Georgia's largest bank, is in the market for its first ever additional tier one bond, offering initial price thoughts of high 10% area.

    • 26 Jun 2019
  • Demand hot for Middle East AT1s

    Burgan Bank has announced a roadshow for an additional tier one bond, following Sharjah Islamic Bank’s debut in the format.

    • 26 Jun 2019
  • NIBC suffers 15% increase in RWAs after TRIM review

    NIBC Bank said on Tuesday that its risk-weighted asset base would grow by more than €1bn, as a result of the European Central Bank’s targeted review of internal models (TRIM). Model changes demanded by the Dutch regulator made its common equity tier one (CET1) ratio slump from 18.5% to 16.1%.

    • 26 Jun 2019
  • Kookmin makes AT1 debut with sustainability label

    South Korea’s Kookmin Bank has sold its maiden dollar-denominated Basel III compliant additional tier one bond, opting for a sustainability label to entice investors.

    • 26 Jun 2019
  • Bonds news in brief: CMB Leasing, LGFVs, developers price

    CMB Financial Leasing raised $1bn from two dollar bonds on a day that a number of Chinese local government financing vehicles (LGFVs) and property developers also cashed in on the conducive market backdrop for new issuance.

    • 26 Jun 2019
  • StanChart debuts S$ AT1 after consolidation

    Standard Chartered raised S$750m ($554m) from a Basel III-compliant additional tier one deal on Tuesday, boosting its capital ratio after a consolidation of its operations in Singapore this year. The bank’s strong Asia links helped it achieve better funding arbitrage compared to some of its European peers.

    • 26 Jun 2019
  • Commerzbank gets set to break its silence in AT1

    Commerzbank said on Tuesday that it was looking to issue its first ever additional tier one (AT1) instrument, following a roadshow that begins later this week.

    • 25 Jun 2019
  • Sharjah Islamic Bank gets huge demand for debut AT1

    The order book for Sharjah Islamic Bank’s $500m perpetual non-call six year has exceeded $5bn as investors pile into the first benchmark from the region since the end of May.

    • 25 Jun 2019
  • BNPP pushes for longer tenor with T2

    BNP Paribas on Tuesday offered a 12 year tier two bond in bullet format, making use of favourable conditions to offer investors a chance to invest in a longer dated deal.

    • 25 Jun 2019
  • BBK expects strong demand for dollar return

    The Bank of Bahrain and Kuwait has picked banks for a dollar benchmark, following a roadshow.

    • 25 Jun 2019
  • Saxo Bank lines up tier two debut, eyes 5.5%-5.75% coupon

    Saxo Bank has announced plans to sell its first tier two bond, outlining its expectations for pricing before opening the order books.

    • 25 Jun 2019
  • Trio keeps covereds active, UniCredit debuts in dollars

    UniCredit AG issued its first dollar Pfandbrief on Tuesday, shortly after DekaBank had quickly wrapped up a sub-benchmark eight year. The two deals followed an inaugural sub-benchmark seven year from Slovakia’s Tatra banka that was priced on Monday.

    • 25 Jun 2019
  • Insurers and ESG bonds: marginal gains

    CNP Assurances is planning to offer investors a rare green bond from the insurance sector, and the intended use of proceeds looks more worthy than some previous efforts — for example, from QBE Insurance Group. However, issuing a sustainability bond is of less relevance for insurers’ environmental, social and governance (ESG) priorities than it is for other types of issuer.

    • 25 Jun 2019
  • UniCredit AG to issue first dollar Pfandbrief

    UniCredit’s German subsidiary, HVB, has mandated leads for the first dollar covered bond in its 150 year history reflecting a preference to avoid issuing a negative yielding euro benchmark.

    • 24 Jun 2019
  • Credit Suisse returns to covered bonds

    Credit Suisse has published a base prospectus for its newly set up covered bond programme, suggesting it may be ready to make a formal deal announcement in the next few days.

    • 24 Jun 2019
  • Mediobanca OBG flies as covered bond yields plunge

    Mediobanca attracted strong demand on Monday for a long seven year Obbligazioni Bancarie Garantite (OBG), which offered an eye-catching yield despite pricing well through BTPs. The deal emerged as the short end of the covered bond curve plunged deeper into negative yielding territory.

    • 24 Jun 2019
  • SEB bags senior pref in busy market

    Skandinaviska Enskilda Banken did not have to pay a new issue premium amid favourable market conditions on Monday, after offering investors the chance to buy a new preferred senior bond.

    • 24 Jun 2019
  • NIPs stayed quashed as Nykredit, SG hit non-preferred

    Nykredit Realkredit and Société Générale paid next to no new issue premium for their new non-preferred senior bonds on Monday, though some bankers have begun to wonder how much longer these pricing dynamics can hold.

    • 24 Jun 2019
  • Standard Chartered readies debut sustainability bond

    Standard Chartered is expected to launch its first sustainability bond on Tuesday, having picked banks to arrange a deal that will mark its first entry into the public euro market since September 2017.

    • 24 Jun 2019
  • Wagner leaves Barclays

    Rainer Wagner is leaving Barclays, six months after it was announced he would be taking on more responsibilities at the bank.

    • 24 Jun 2019
  • Rabo SSA banker rejoins UBS

    A syndicate banker at Rabobank focusing on sovereigns, supranational and agencies (SSAs) has left after just six months to return to UBS, where he worked between 2015 and 2017.

    • 24 Jun 2019
  • NatWest makes krona debut as Avida raises AT1

    Three Nordic banks and one British bank placed paper in Swedish krona this week. NatWest Markets made its debut in the currency, while Scandinavian-based Avida Finans printed its first AT1. Avida Finans plans to follow this debut AT1 with a future stock exchange listing.

    • 21 Jun 2019
  • Big demand for Barclays' Kanga return

    Barclays returned to the Australian dollar market this week for its second Kangaroo, placing a triple tranche trade that was four times covered. The demand for Kangaroo paper could see more issuers follow Barclays, according to one DCM banker.

    • 21 Jun 2019
  • Investors eat up latest from PNB

    Investors swarmed Philippine National Bank’s (PNB) $750m bond sale, as they sought out diversity in a market overrun with Chinese paper.

    • 21 Jun 2019
  • Piraeus Bank EUR400m 9.75% Jan 29 NC5 tier two

    • 20 Jun 2019
  • Westpac New Zealand EUR500m 0.3% Jun 24 green

    • 20 Jun 2019
  • UniCredit EUR1.25bn 1.25% Jun 24

    • 20 Jun 2019
  • Commission regrets strict internal capital rules

    Figures from the banking sector and its regulators at the Institute of International Finance’s European Summit in Brussels this week attacked the severity of European rules on the capital that bank subsidiaries in host countries must hold.

    • 20 Jun 2019
  • Santander triple dips in dollars as issuers relish drop in yields

    Santander this week showed the breadth of its funding options with a third dollar deal in as many weeks as it exploited red-hot conditions for senior preferred paper.

    • 20 Jun 2019
  • ECB: eurozone banks must reform culture to control ‘dominant’ CEO

    European banks must reform their governance and compliance rules as part of a concerted effort to enact a “cultural shift” and regain the trust of their customers in the wake of a series of scandals, said Andrea Enria, chair of the ECB supervisory board.

    • 20 Jun 2019
  • Moody’s gives Turkey’s lenders a scapegoat

    Banks pride themselves on analysing and pricing credit. But are they really just slaves to the rating agencies?

    • 20 Jun 2019
  • Europe preps for negative yield creep after fresh QE hints

    Bond yields were in free-fall this week after the world’s two major central banks suggested they might ease their monetary policies further to prevent an economic downturn. With masses of global debt now yielding below 0%, some corporate and financial borrowers are standing on the brink of having to issue shorter term paper at negative rates.

    • 20 Jun 2019
  • CNP Assurances mandates for rare green sub deal

    CNP Assurances said on Thursday that it had picked banks to arrange the sale of a green tier two, adding its name to only a small list of financial borrowers that have sought to bring in green funding in a subordinated format.

    • 20 Jun 2019
  • Bankia hoovers up demand for inaugural SNP

    Bankia sold its first senior non-preferred bond this week after the market rallied following a dovish speech from Mario Draghi, president of the European Central Bank. The issuance attracted a hefty book of €3.7bn, more than seven times its pre-determined size of €500m.

    • 20 Jun 2019
  • Piraeus offers hope to Greek banks after breaking into T2

    Piraeus Bank offered hope to other Greek banks hoping to access bond funding by printing a tier two bond on Wednesday. It was the first Greek issuer to have sold a deal in this asset class since the financial crisis, getting hefty orders in the process.

    • 20 Jun 2019
  • Swedish krona prepares for midsummer break

    Issuance in Swedish kronor picked up this week, with three corporate issuers placing Skr6.28bn ($667.9m) across four private placements, as issuers looked to get in ahead of the midsummer break. In euros, a Dutch and French agency both placed paper, while protests in Hong Kong caused yields to spike in offshore Chinese renminbi and Hong Kong dollars.

    • 20 Jun 2019
  • Falling rates revives memories of 2016 in Swiss market

    It may be a quieter summer for bankers on Zurich syndicate desks than many had hoped or expected as the effects of renewed monetary easing in the eurozone knocks back Swiss franc swaps, strengthens the currency and lessens the demand for bonds, said bankers this week.

    • 20 Jun 2019
  • AXA preps debut euro covered bond

    AXA Banque has mandated lead managers for a roadshow starting on Thursday as it looks to sell its first covered bond in euros.

    • 20 Jun 2019
  • FIG bankers spy golden window for second tier names

    DCM bankers say that market conditions are just right for some of Europe’s smaller and more marginalised financial institutions to bring new bond deals ahead of the summer.

    • 20 Jun 2019
  • Spot the difference

    An innovative senior bond sold by UniCredit this week showed how blurred the lines have become between what is up for grabs in a resolution and what is not.

    • 20 Jun 2019
  • Paul to join Mizuho for Dach DCM

    Former Crédit Agricole banker Christoph Paul has been appointed by Mizuho Securities.

    • 20 Jun 2019
  • GlobalCapital launches Sustainable Financing and Investing Survey

    GlobalCapital is conducting a global research survey on the fast-changing markets for sustainable financing and investing. It will combine the views of issuers and investors to give a nuanced picture of how this trend is changing capital markets for both groups.

    • 19 Jun 2019
  • Piraeus tightens 50bp to land €400m T2 at 9.75%

    Piraeus Bank found enough appetite in the market on Wednesday to launch the first tier two bond out of Greece since the crisis. It raised €400m of capital at a coupon of 9.75% — 50bp tighter than initial price thoughts.

    • 19 Jun 2019
  • Covered bond market braces for negative yielding new issues

    Participants in the covered bond market believe that it is only a matter of time before issuers set out to price new deals at negative yields, casting minds back to ground breaking transactions from Berlin Hyp in 2016 and 2017.

    • 19 Jun 2019
  • Santander CF sails through market as supply starts easing off

    Santander Consumer Finance breezed through the market with a new five year senior bond on Wednesday, as FIG bankers predicted that there would be a pause for breath in the primary market after a frantic few weeks for new issuance.

    • 19 Jun 2019
  • Investors warm to low reset AT1s as thirst for yield increases

    Investors looking for some extra returns in the financial institutions bond market after an impressive rally this year have started seeing value in additional tier ones with low reset spreads, despite the risk that the bonds will not be called at the first opportunity.

    • 19 Jun 2019
  • Westpac NZ seals euro comeback with debut green

    Westpac New Zealand was able to steer its first green bond through the market on Tuesday, even as yields plummeted on the back of suggestions that the European Central Bank could be preparing new stimulus measures. The deal was the issuer’s first fixed rate senior bond in euros for over nine years.

    • 19 Jun 2019
  • Markets welcome EU Sustainable Finance announcements

    Four major announcements have been made today by the European Commission and its Technical Expert Group, which is drafting the substance of several parts of its multi-faceted Sustainable Finance Action Plan. There were new texts on the Taxonomy, Green Bond Standard and Low Carbon Benchmarks regulations as well as guidelines for companies on how to report climate change-related information. Many market participants welcomed them.

    • 18 Jun 2019
  • Tikehau Capital prepares €1bn capital raise after rapid growth

    Shares in Tikehau Capital, the French alternative investment manager, rose almost 6% this week after the company launched a well-flagged €1bn capital raise to finance growth.

    • 18 Jun 2019
  • Bankia hoovers up demand for inaugural SNP

    Bankia on Tuesday decided to sell its first senior non-preferred bond after the whole market rallied about 5bp as a result of a speech from Mario Draghi, president of the European Central Bank, on Monday. The issuance attracted a hefty book of €3.7bn, more than seven times its pre-determined size of €500m.

    • 18 Jun 2019
  • UniCredit fixes call option to pref senior deal

    UniCredit made the unusual decision of adding a one year call option to a preferred senior bond on Tuesday, nodding towards the bond’s potential value as total loss-absorbing capacity (TLAC). The Italian bank won strong support on a day when dovish central bank comments were fuelling a big rally in the value of risk assets.

    • 18 Jun 2019
  • Covered bond market hits pause after bumper week

    Banks have taken a breather from issuing covered bonds in euros after a bumper week for issuance last week, but analysts suggest there is still plenty of interest among investors for further supply in the asset class.

    • 18 Jun 2019
  • ABN Amro hires new head of UK FIG DCM

    ABN Amro has appointed an ex-Barclays banker as its new head of UK FIG DCM.

    • 18 Jun 2019
  • CEB navigates declining FRN demand for tight $500m

    China Everbright Bank has become the latest Chinese lender to tap the offshore market for floating rate notes (FRN), raising $500m at an aggressive level on Monday.

    • 18 Jun 2019
  • Investec takes 14-strong team from Canaccord

    A team of 14 investment company specialists is joining Investec’s corporate and investment bank from Canaccord Genuity, which has decided to restructure its capital markets operations in the UK.

    • 17 Jun 2019
  • TD takes £1bn 'at pace' with Canada’s first Sonia-linked covered bond

    Toronto Dominion Bank has become only the second borrower from outside of the UK to sell a Sonia-linked covered bond, having quickly met enough orders on Monday to launch a £1bn offering in the sterling market.

    • 17 Jun 2019
  • Four banks jump into MREL products on a manic Monday

    Financial institutions piled most of this week's debt supply into a busy Monday session, with BPCE, Crédit Agricole, Credit Suisse and KBC Group all launching senior deals for the minimum requirement for own funds and eligible liabilities (MREL) at the same time. All four lenders came close to fair value for their offerings.

    • 17 Jun 2019
  • Alawwal and SABB merge, create leading Saudi lender

    Saudi Arabian banks Alawwal Bank and Saudi British Bank have completed their merger. The deal is yet another bank tie-up taking place in the Gulf, as lenders strive to stay competitive. Royal Bank of Scotland, which held a stake in Alawwal, has received capital relief from the transaction.

    • 17 Jun 2019
  • Market welcomes reported Deutsche retrenchment plan

    Deutsche Bank’s reported plan to separate off non-core assets like long-dated derivatives and to size down parts of its trading operations were seen as positive for the bank's shares and bonds on Monday morning.

    • 17 Jun 2019
  • SocGen picks Orsini as global DCM head

    Felix Orsini is the new global head of debt capital markets at Société Générale, after Demetrio Salorio left the position to become UK head of global finance. And two other bankers have new roles as a result of Orsini’s job change.

    • 14 Jun 2019
  • Aegon and BPM test euro market resilence after busy week

    Aegon Bank and Banco BPM each hit the euro market on Friday and launched €500m of debt in senior formats, following a week of prosperous conditions and successful deals.

    • 14 Jun 2019
  • BNP Paribas veteran to retire

    A long-standing capital markets practitioner is leaving BNP Paribas.

    • 14 Jun 2019
  • Guangzhou RCB prices ‘ironically’ tight AT1

    As the crisis at Baoshang Bank and Bank of Jinzhou continues to brew, Hong Kong-listed Guangzhou Rural Commercial Bank priced a $1.43bn Basel III-compliant additional tier one (AT1) note at a level that was well inside where similarly rated small Chinese lenders were trading in the secondary market.

    • 14 Jun 2019
  • Mexican lender Banorte hits road for AT1

    Mexico’s largest locally owned bank, Banco Mercantil del Norte (Banorte), has begun meeting fixed income investors as it looks to test investor appetite for the country's credit with a new subordinated bond.

    • 13 Jun 2019
  • Green bond market debates whether opex has a place in use of proceeds

    Green bond specialists are divided over whether proceeds of labelled green bonds can be used for operating expenditure, or whether they should mainly or entirely be used for capital expenditure.

    • 13 Jun 2019
  • ESG price ratchet enters Schuldschein: bonds next?

    A structure developed in the loan market, in which a company’s financing margin can be lowered during the life of the deal if it improves its environmental, social and governance credentials, has crossed over into the Schuldschein market. That raises the possibility it could make the leap to the bond market, write Silas Brown and Jon Hay.

    • 13 Jun 2019
  • Platform aims to ease banks’ ‘rogue trader’ risks

    Acin says that data its platform collects to help banks identify where they are failing to mitigate operational risks could also give them leverage when talking to regulators about capital requirements.

    • 13 Jun 2019
  • Party over for covered issuers as RBC sheds orders

    Royal Bank of Canada’s €1.25bn seven year issued on Wednesday dropped more orders than any covered bond has in years, ending up as one of the least subscribed deals of its size since 2011. The transaction starkly illustrated that the balance of power has shifted in favour of investors and offered a salutary lesson for ambitious issuers, writes Bill Thornhill.

    • 13 Jun 2019
  • Bragging rights available: first ESG-linked bond

    Bond-market alpha types may find it galling when the fusty old loan market can teach them an innovative new structure. And yet, that may be about to happen.

    • 13 Jun 2019
  • Piraeus to offer T2 amid supportive market conditions

    Greece's Piraeus Bank said on Thursday that it would issue a tier two bond with a 10 year non-call five maturity, after announcing last year that it was waiting for the "right timing" to make good on capital strengthening plans agreed with the European Central Bank.

    • 13 Jun 2019
  • People moves in brief

    Terranova finds new ground at BNPP — BBVA appoints equity head from Commerz — Czornik joins JPM for German M&A

    • 13 Jun 2019
  • CaixaBank leads trio of Spanish banks into euros

    A trio of Spanish banks hit the euro market this week, led by a popular offering of non-preferred senior bonds from CaixaBank.

    • 13 Jun 2019
  • Jyske lands rare callable SNP in busy market

    Commerzbank, Jyske Bank, OP Corporate Bank and UBI Banca all issued €500m senior non-preferred bonds this week. But Jyske stood out for having inserted a call option into its transaction — an efficient move but a rare occurrence in the asset class.

    • 13 Jun 2019
  • Investors near ‘saturation point’ for UK banks

    UK banks jumped back into the bond market this week, enjoying good demand for their funding and capital products. But with the country’s financial institutions having loaded up heavily on debt already, and with political instability causing near constant volatility within the sector, some market participants wonder whether investors have had all the UK FIG bonds they can stand. Tyler Davies and Bill Thornhill report.

    • 13 Jun 2019
  • CaixaBank EUR1.25bn 1.375% Jun 26

    • 13 Jun 2019
  • Svenska Handelsbanken EUR1bn 0.125% Jun24

    • 13 Jun 2019
  • Favourable spreads offer SSA MTN sterling spree

    Three SSA borrowers issued a total of £200m ($255m) of medium-term notes in response to an inquiry for three year non-call one fixed rate sterling bonds on Tuesday — which probably all sold to the same buyer — amid an uptick of paper in the currency.

    • 13 Jun 2019
  • BMO reopens dollar covered bonds

    Bank of Montreal (BMO) has issued the first Canadian covered bond in dollars this year, raising $1.75bn of funding at a cost that was equivalent to what it would have theoretically paid in the euro market. National Bank of Canada was quick to follow, announcing a similar deal at the same starting spread.

    • 13 Jun 2019
  • VUB hits sweet spot with 0.5% 10 year covered bond coupon

    Všeobecná úverová banka (VUB) has issued the first ever 10 year covered bond from Slovakia, thanks in large part to the high spread that ensured a 0.5% coupon — a return that investors demand — but one that is now out of reach for most European names in this tenor.

    • 13 Jun 2019
  • Coventry covered enjoys strong outcome but UK execution certainty set to wane

    Coventry Building Society did well to raise €500m of seven year funding with demand of €1bn on Thursday, but bankers warned that investors are close to reaching their limits on UK exposure, and the next issuer cannot expect the same result.

    • 13 Jun 2019
  • Rabo secures solid result in hectic covered mart

    Rabobank attracted good demand for a dual €2bn eight year and 20 year covered bond offering on Thursday, even though the deal was issued at the tail-end of a busy week and competed for investors’ attention in euros with Coventry Building Society and Všeobecná úverová banka (VUB).

    • 13 Jun 2019
  • Jyske tests call option as trio hunts for non-pref in euros

    Commerzbank, Jyske Bank and UBI Banca all issued €500m senior non-preferred bonds with five year maturities on Thursday. But Jyske opted for a more flexible and efficient note, callable four years after its issuance date.

    • 13 Jun 2019
  • No more waiting for TBC as bank prints $300m

    Georgian TBC Bank printed its long-awaited $300m five year bond on Wednesday from a book of over $700m.

    • 13 Jun 2019
  • Lloyds nails fair value for AT1 despite uncertainty over UK leadership

    Lloyds Banking Group found room to tighten pricing by 50bp for a new additional tier one (AT1) this week, though investors are having to second guess what a new prime minister in the UK might mean for the country’s approach to Brexit. At the same time Barclays added to its recent activity in the subordinated bond market, opening books on a tier two on Thursday.

    • 13 Jun 2019
  • Green Bond Principles forms Advisory Council, gives new guidance

    The Green and Social Bond Principles’ executive committee has decided to leave the Principles unchanged this year, but is publishing three new documents on Thursday to help market participants. It also plans to launch an Advisory Council, to enable it to listen better to the concerns of the market.

    • 13 Jun 2019
  • CMB doubles up with dollar, euro combo

    China Merchants Bank priced three year bonds on Wednesday that were split between a $600m floating rate note (FRN) and a €300m fixed rate tranche.

    • 13 Jun 2019
  • TBC Bank closes in on $300m

    TBC Bank, Georgia’s largest bank by assets, loans and deposits, has set the size for its debut dollar bond at $300m and order books for the deal are already well over that amount.

    • 12 Jun 2019
  • OP Corporate Bank and Oberbank offer investors diversity

    OP Corporate Bank offered sold a senior non-preferred bond in euros on Wednesday, the whose success of which surprised market participants with its pricing and demand of more than three times the deal size. Oberbank also went to market with a senior preferred bond that did not attract as much demand.

    • 12 Jun 2019
  • BBVA and Santander hunt for cheap deals in euros

    BBVA and Santander came to the euro-denominated FIG market on Wednesday to make use of favourable conditions, proving that it is deep enough to digest supply from two issuers from the same country. Both banks priced their deals close to or at fair value.

    • 12 Jun 2019
  • Rabobank and Coventry line up in covereds

    Rabobank is set to open order books for a two-part euro covered bond that takes advantage of the demand for higher yielding debt with the inclusion of a 20 year tranche. At the same time Coventry Building Society is planning a seven year in euros.

    • 12 Jun 2019
  • Bawag bags covered demand with juicy 15 year in busy mart

    Austrian lender Bawag took pride of place among four covered bonds issued on Wednesday with its ultra-long deal being the most subscribed and the first to close order books. The transaction drew more demand than a much larger and barely subscribed seven year from Royal Bank of Canada and brought in twice as many orders as other deals from SP Mortgage Bank and Aareal Bank.

    • 12 Jun 2019
  • FIG investors’ search for yield reaches fever pitch

    The fall in absolute yields to new record lows has heightened investors’ search for FIG bonds that offer an attractive pick-up. As a result, investors have favoured higher yielding senior non-preferred transactions from the eurozone periphery, ultra-long dated covered bonds and higher yielding central European and Asian covered bonds. By contrast, demand for lower yielding core European covered bonds, while still healthy, has begun to wane following the exuberant levels of demand witnessed in May.

    • 12 Jun 2019
  • ABP bests sceptics, pulls off first switch from Libor to Sonia

    Associated British Ports defied sceptical observers this week and succeeded in persuading holders of a £65m floating rate note to switch its coupon to one set over Sonia — a global first. ABP managed to do it without paying investors a fee, potentially setting a precedent for others to follow. ABP is certainly likely to try again.

    • 11 Jun 2019
  • Swedish krona issuers look to beat midsummer close

    An infrequent Swedish corporate issuer, a Nordic bank, and a German car manufacturer all placed floaters larger than Skr1bn ($106m) in the last week. Swedish krona bonds have been popular with both public and private issuers in recent weeks, as both issuers and investors rush to get business done before the traditional midsummer market closure.

    • 11 Jun 2019
  • Why are Woodford and LCF fine for retail, but bank bonds not?

    The suspension of the Woodford Equity Income Fund and the collapse of London Capital & Finance show how retail investors lack regulatory protection. This is strange, when a source of safer returns — bonds issued by large banks — is often deemed too complex and risky for the ordinary person to invest in.

    • 11 Jun 2019
  • CaixaBank draws hefty order book with non pref

    CaixaBank was able to attract orders of more than €3.85bn for the issuance of its seven year senior non preferred bond on Tuesday, more than three times the deal size.

    • 11 Jun 2019
  • Trio of issuers line up with covered bonds

    BAWAG, SP Mortgage Bank and Tatra banka have all set their sights on the euro covered bond market, mandating for deals across the maturity spectrum.

    • 11 Jun 2019
  • Four banks lap up demand for defensive deals

    Oberbank sold a senior bond in euros on Wednesday, following in the footsteps of NatWest Markets, Luminor Bank and Svenska Handelsbanken, which on Tuesday also issued senior deals. NatWest attracted the largest order book for its floating rate notes.

    • 11 Jun 2019
  • Covered bonds explode amid lower expectations

    Euro and dollar benchmarks issued by Nordea, Lloyds, Korea Housing Finance Corporation (KHFC) and SMBC on Tuesday was a fillip for covered bond market participants suffering through volatile credit market conditions that have caused price expectations to fall.

    • 11 Jun 2019
  • Angelo Gordon hires ex-Pimco covereds, ABS investor

    Angelo, Gordon & Co has hired former Pimco portfolio manager Sunil Kothari as managing director, responsible for originating and executing on residential and consumer debt investments across Europe.

    • 10 Jun 2019
  • Investors being ‘pushed’ to riskier assets

    Investors are being forced towards riskier instruments for better returns, with safer assets looking expensive.

    • 10 Jun 2019
  • Alpha Bank's restructured CPT covered bond bodes well for market return

    After restructuring its soft bullet programme to a conditional pass through (CPT), Alpha Bank’s covered bonds have been upgraded to Baa3, making them eligible for repo with the European Central Bank, thereby improving their appeal with investors, putting the bank in a stronger position for a return to the market.

    • 10 Jun 2019
  • BNZ hops into euro market with senior

    Bank of New Zealand (BNZ) gave investors the chance to put some euros into a senior bond on Friday and was well subscribed for its efforts.

    • 07 Jun 2019
  • Covered bonds unthreatened by TLTRO III

    Europe’s peripheral banks are likely to make most use of the third Targeted Long Term Refinancing Operation (TLTRO III), but covered bond issuance's prospects look strong, said bankers after the European Central Bank’s meeting on Thursday.

    • 07 Jun 2019
  • TCFD implementation grows, AI bot finds

    The list of companies that have declared their support for the Task Force on Climate-Related Financial Disclosures has grown to 671, with a combined market capitalisation of $9.3tr. This is up from 457 worth $7.9tr in September. The TCFD Secretariat issued its second status report on adoption of the recommendations this week.

    • 06 Jun 2019
  • ECB makes hawkish TLTRO move, as new QE expected

    The European Central Bank will price the third instalment of its Targeted Longer-Term Refinancing Operations (TLTRO III) more harshly than expected, it revealed on Thursday. This should keep most banks using market funding. Meanwhile, expectations are rising of another round of quantitative easing, something that would boost prices of bank debt, write Tom Brown, Jasper Cox, David Freitas and Bill Thornhill.

    • 06 Jun 2019
  • Banking trio ride the rally

    The US holding company of Spain’s Santander made its first trip to the dollar bond market in almost six months, as issuers made the most of improving conditions.

    • 06 Jun 2019
  • TLTRO III is cryogenics for banks

    The European Central Bank’s cheap lending programme for European banks will prolong the lives of some, but not cure them.

    • 06 Jun 2019
  • Baer shines in Swissies with AT1 return

    Activity in the FIG sector in Swiss francs shifted from the international to the domestic market this week, with a little over Sfr850m ($857m) of new supply priced on Tuesday alone.

    • 06 Jun 2019
  • Barclays tries sterling AT1 ahead of September calls

    Barclays Capital was looking to issue an additional tier one bond denominated in sterling on Thursday. The deal came after Banque Fédérative du Crédit Mutuel issued a tier two instrument on Wednesday. Both took advantage of an upswing in market conditions for subordinated debt.

    • 06 Jun 2019
  • PKO joins growing green covered bond ranks

    PKO Bank Hipoteczny issued its debut green covered bond on Wednesday, the first deal of its type from Poland. This deal is the ninth covered bond with an environmental and social governance (ESG) purpose to have been launched this year and, according to Commerzbank research.

    • 06 Jun 2019
  • Nikko AM launches TLAC fund for Japanese clients

    Nikko Asset Management has raised more than €144m from Japanese clients to launch a total loss-absorbing capacity (TLAC) fund. It will invest in loss-absorbing bonds issued by European and US globally systemic banks. Further ahead, the firm will explore diversifying its offering into minimum requirement for own funds and eligible liabilities (MREL) as well.

    • 06 Jun 2019
  • Investors flock to Slovenská’s positive yielding debut covered

    Slovenská sporiteľňa’s first euro benchmark covered bond attracted strong demand from investors on Wednesday reflecting the transaction’s tempting returns in a largely negative yielding market, as well as its top credit rating.

    • 05 Jun 2019
  • Capital One debuts in euro market as Aegon Bank circles

    The American lender issued a dual tranche transaction on Wednesday, its first ever euro-denominated bond. It is the first American regional bank to go to market since May 2017. Meanwhile, Aegon Bank is looking to issue its first senior non-preferred bond in the currency.

    • 05 Jun 2019
  • ECB policy meet to favour bank issuers

    The European Central Bank’s (ECB) is expected to announce new policies on Thursday which, according to a fixed income strategist, will be positive for financial institution credits.

    • 05 Jun 2019
  • Insurers found guilty of ‘tragedy of the horizon’ on climate change

    Insurance firms appear untroubled by the impact of climate change on some aspects of their business, while the industry is also overly reliant on historical data that could become irrelevant, according to a consultation paper released by the European Insurance and Occupational Pensions Authority, the supervisory body. Insurers are integrating sustainability into investment decisions, but EIOPA said a brown taxonomy could be useful for the purposes of further work on capital requirements.

    • 04 Jun 2019
  • Mizuho braves market with euro senior

    Mizuho Financial Corp marketed a senior bond on Tuesday, breaking the silence in the financial institutions bond market this week. The issuer attracted €1.7bn of orders, showcasing its established name in a quiet market.

    • 04 Jun 2019
  • TBC Bank leaning on tech for regional expansion as dollar bond debut approaches

    Georgia’s largest commercial bank TBC Bank is on the road to promote a dollar benchmark. The deal coincides with the bank’s push into its neighbouring markets, Azerbaijan and Uzbekistan. The bank is spearheading the move with tech platforms.

    • 04 Jun 2019
  • Slovenská sporiteľňa sets sight on euro covered bond

    Slovenská sporiteľňa mandated leads on Tuesday for a euro-denominated mortgage covered bond. It was a slow start to the month in covered bonds, but the Slovak issuer could break the quiet.

    • 04 Jun 2019
  • Small Chinese bank stress: a blessing in disguise

    The surprise takeover of troubled Baoshang Bank, together with the resignation of Bank of Jinzhou’s auditor, is a wake-up call for a market that had enjoyed a rosy outlook.

    • 04 Jun 2019
  • ICBC floats $1.5bn dual tranche deal

    Industrial and Commercial Bank of China (ICBC) hit two parts of the dollar curve on June 3, selling two tranches of floating rate notes worth $750m each.

    • 04 Jun 2019
  • Glimpse of the future: $1tr of climate losses, $2tr of gains

    The first results are emerging from the worldwide drive to get companies to think about how climate change is going to affect their businesses. Over 40% of the world’s biggest firms are now able to give an estimate of how much they expect to lose and gain. Collectively, they forecast twice as much upside as downside. But this may be optimistic, especially as the data are skewed to financial services.

    • 04 Jun 2019
  • Core covered bonds in favour as participants head to Toronto

    Peripheral and UK covered bonds have weakened amid broader deterioration in credit market conditions. But with activity muted the main focus is on Tuesday’s Euromoney/ECBC Covered Bond Forum in Toronto.

    • 03 Jun 2019
  • Renaissance Credit to break six year silence with euros

    Renaissance Credit has announced its intention to come to market for a Reg S euro subordinated bond. The trade will be the borrower's first trip to the market in almost six years.

    • 03 Jun 2019
  • Issuers shy away from euro FIG market

    Financial institution issuers surprised market participants with no deals in the euro market on Monday after a busy period of roadshows. And as the week moves towards the European Central Bank's announcements on Thursday, issuance conditions might not improve.

    • 03 Jun 2019
  • Cairn sets up UCITS credit fund with Mediobanca

    Cairn Capital will be able to distribute its multi-asset credit offering more widely, through the establishment of a joint UCITS (undertakings for collective investment in transferable securities) fund with its owner Mediobanca.

    • 03 Jun 2019
  • Bank of Jinzhou AT1 hit by EY resignation

    Bank of Jinzhou’s outstanding additional tier one (AT1) dollar notes took a beating in the secondary trading after its auditors resigned, amid concerns about the asset quality of lower tier Mainland banks since the takeover of Baoshang Bank by Chinese authorities.

    • 03 Jun 2019

Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 10,226.87 87 5.98%
2 HSBC 9,924.14 51 5.80%
3 LBBW 8,393.04 48 4.91%
4 Natixis 7,217.47 36 4.22%
5 UBS 7,025.55 38 4.11%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 52,563.97 240 5.87%
2 Citi 52,120.64 279 5.82%
3 JPMorgan 51,592.41 265 5.76%
4 Morgan Stanley 37,731.07 213 4.21%
5 HSBC 35,834.12 222 4.00%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 42,999.30 198 11.21%
2 JPMorgan 41,206.47 202 10.74%
3 Citi 40,920.97 214 10.67%
4 Morgan Stanley 27,539.54 145 7.18%
5 Goldman Sachs 27,200.66 258 7.09%

Bookrunners of Euro Denominated Covered Bond Above €500m

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

Global FIG Revenue

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

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Barclays 6,170.54 15 14.50%
2 UBS 4,233.38 20 9.95%
3 BNP Paribas 3,846.71 16 9.04%
4 Credit Agricole CIB 3,549.81 11 8.34%
5 HSBC 2,155.16 15 5.06%