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◆ Sentiment improves after ceasefire extended ◆ Handelsbanken nears record tights ◆ Jyske Bank attracts €3.3bn of orders
◆ 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 raises questions about whether transaction was done at arm's length
Data
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
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
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Natixis had not expected Brexit to happen, but after the vote, it pushed ahead anyway with plans to relocate staff to London. After four years and one strategic review, the French bank is now in the midst of moving staff back to mainland Europe. -
Piraeus Bank has become the first Greek issuer of additional tier one (AT1) capital, finding enough demand this week to launch a CCC rated deal with a coupon below 9%.
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OP Corporate Bank struggled to generate mass appeal with a non-preferred senior print on Wednesday, settling its pricing in the middle of its guidance range.
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The European Central Bank bought fewer covered bonds in May than it did in any month this year so far but its portfolio still grow and may do so by even more in June. With supply still likely to be limited, this should keep prospective spread widening contained ahead of a supply glut in the sovereign, supranational and agency sector.
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Raiffeisen Bank International launched its first green tier two on Wednesday, landing at a spread that was 10bp inside fair value for an unlabelled deal.
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China Everbright Bank priced its $600m bond through fair value this week, buoyed by strong demand from the syndicate team helming the deal.
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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