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◆ Shawbrook targets AT1 refi as LV eyes tier two ◆ Deals follow Santander's display of understanding of major UK investors' thinking, says lead ◆ Locks in big size with premium to new euro issuance
Bankers join on two continents as bank seeks to grow in public sector bonds
No covered bonds have been issued in primary since Tuesday
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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Close Brothers Group has launched a process to buy back its only tier two bond, as it looks to replace the deal eight months before its first call date. -
Unrated Portugeuse insurer Fidelidade resurrected its plans to print a tier two bond on Friday – almost three years after its first attempt at accessing the format.
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Banks bombarded the dollar market this week, with a deluge of supply from rare Yankee issuers and US heavyweights across the capital structure.
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Banks have enjoyed a hot funding streak in the sterling market in recent weeks, with pent up demand pushing supply towards its highest year in over a decade. Some market participants, however, are worried the superlative conditions might vanish just as quickly as they appeared.
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Rates traders were sanguine about the market outlook over the next month in the belief that low supply and high redemptions will support spreads. But long term questions about the extent of central bank asset purchases, both in the US and Europe, are expected to come back to haunt them.
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Greek banks are in their rudest health since the aftermath of the global financial crisis and are calling on capital markets investors to back them as they help the country rebuild its economy in the wake of Covid-19. With the banks able to access new sources of capital, propped up by the country's Hercules non-performing loan guarantee scheme, plenty of supply — and performance — could follow, report Tom Brown, Tyler Davies and Sam Kerr.
Polls and awards
Don't miss your chance to choose this year's Bond Award winners
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
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