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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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Eika Boligkreditt and Oma Savings Bank found good demand for their covered bonds sold on Tuesday with small deal sizes, environmental appeal and European Central Bank providing a boost. Even so, syndicate bankers were not convinced the market was back to full health. -
French insurer Macif is set to issue up to €1.75bn of subordinated debt to fund its coming acquisition of Aviva France.
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Fast money accounts have been selling eight and nine year European Union bonds in anticipation of supply this week. But since these buyers are not expected to get much of an allocation of the fresh bonds, traders predict a modest short squeeze.
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Piraeus is set to become the first Greek bank to print an additional tier one (AT1) bond — the next step in its capital plan after the closing of its €1.4bn equity raise last month.
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Swedish Covered Bond Corporation’s (SCBC) benchmark eight year deal, syndicated on Monday, was slow to build and, even though the final spread looked fine, the process clearly showed that investors are reticent to buy deals at prevailing levels.
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Lloyds Banking Group became the latest name to wade into a rampant subordinated sterling market this week, pricing a £500m tier two note on top of fair value.
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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