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◆ Swedish bank tightened spread by 28bp ◆ LF Bank opted for the €500m no-grow format ◆ Bonds offered 2bp of new issue premium, an expert said
◆ Greek bank tightened spread by 25bp ◆ One of two green bonds sold on Tuesday ◆ Green label creates 'stickier' order book, says banker
◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday
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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The FIG market paused on Wednesday to take stock of inflation fears and weaker market sentiment, but a pipeline of issuance is building, including Spain's Banco de Crédito Social Cooperativo (BCC), which has put out a market update after it received disparate indications of interest ahead of its return to the tier two format. -
The European Central Bank issued several warnings about the banking sector in its Financial Stability Review (FSR) this week, as it drew attention to corporate zombification, a new capital markets exodus and an undesirable tightening in lending standards.
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Long call periods are now an established feature in bank capital products, but the benefits should also apply to the senior market, particularly when it comes to riskier borrowers beginning their MREL journeys.
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Volatility, partly induced by inflation fears, has been upsetting rates and equities markets, but data recorded by GlobalCapital suggests that the primary market has remained resilient, despite sharp moves government bond markets.
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United Overseas Bank managed to extend its curve with €750m of eight year funding in the covered bond market on Tuesday at levels were well inside its previous blowout deal issued in November. However, bankers off the mandate gave the deal mixed reviews.
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Austria's Raiffeisen-Landesbank Steiermark’s issued a €500m 20 year mortgage covered bond on Tuesday that was barely subscribed and, for the first time in the covered market since September 2019, leads were unable to tighten pricing from the initial level.
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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