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◆ 48bp over mid-swaps spread for five year SP paper unbeaten since 2020 ◆ Nordic banks first to exit earnings blackouts ◆ New issue premium debated
◆ Deal lands flat to recent UK and Canadian trades ◆ Dollar prices find stable footing for issuers and investors ◆ Pricing in line with other currencies
Don't miss your chance to choose this year's Bond Award winners
Data
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
Come May, current dollar market's gain may turn into euro pipeline's pain
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BayernLB launched its first green tier two in euros on Wednesday, bringing its pricing into a very tight level and challenging assumptions about the relative value of the German tier two market. -
Sparebanken Vest this week paired a visit to its home market for additional tier one (AT1) debt with the early redemption of outstanding paper in the format.
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The primary market was lively last week ahead of last Thursday’s European Central Bank meeting. Total issuance across the four markets that PMM reports on — SSA, covered bonds, FIG and corporate bonds — was double the previous week's total at almost $60bn-equivalent. The glut of supply afforded investors the ability to be picky and widening spreads in GlobalCapital’s data suggests that they are drawn to higher yields and green labels.
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Snus tobacco and match producer Swedish Match has made a rare stop in the euro bond market to issue its first offshore deal of the year. Elsewhere, QNB Finance and First Abu Dhabi visited a pair of niche currencies.
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Confidence in the rates and covered bond secondary markets improved on Tuesday in the wake of a strong performance in the EU’s debut Next Gen deal, despite an initial wobble when the deal weighed in at €20bn, which was larger than expected.
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Commerzbank was almost six times covered at the peak of its book for a €500m additional tier one (AT1) on Tuesday, as the German firm leveraged the small size of the transaction to squeeze pricing.
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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