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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
Observers wanted 30% of allocations to go overseas, but ENBD fell a little short
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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Westpac jumped into the green tier two market for the first time on Thursday, finding plenty of demand for the subordinated and labelled combination. -
Zuercher Kantonalbank paid a generous spread this week for its first senior deal in euros, as rates investors showed no hesitation in adding exposure to the state-backed financial institution.
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Barclays paid a visit to the euro market to sell its first public senior deal in over a year on Wednesday morning, offering investors a rare chance to pick up exposure to its debt in floating and fixed rate formats.
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The Commercial Bank of Qatar hit the bond market for a five year benchmark on Wednesday, pulling in its spread to price the deal with around 5bp of new issue premium.
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Westpac is set to sell its first green tier two deal later this week, becoming the latest financial name to tap growing demand for labelled subordinated debt.
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The European Central Bank’s top supervisor has hit out against plans to implement the Basel III output floor using a “parallel stack” of risk-weighted assets, warning EU lawmakers of the reputational risks of diverging from international agreements.
Polls and awards
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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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