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Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Issuance may relent next week but the pipeline for the rest of the year is uncertain, say experts
◆ Covered bond issuers take stock as pipeline threats loom ◆ Caution creeps into FIG market ◆ What triple-A ratings for Italian ABS mean for banks, securitization and the credit rating industry
Data
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Some evidence of green price advantage in secondary market, but not primary
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Covered bond investor demand has suffered over the past few months with the onset of competing supply from the EU in the SSA market. Despite that, investors have been broadly optimistic on the outlook, particularly in intermediate maturities. -
Credit Suisse has filled six roles in its sustainability strategy, advisory and finance (SSAF) group, headed by Marisa Drew, including a global head of net zero strategy.
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FIG bankers were heralding the start of the summer on Monday, with a soft opening in the euro market giving issuers yet another reason to hold back on their deal plans.
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Insurers and reinsurers are expecting to take multi-billion euro losses as a result of the recent floods in core Europe. Firms could make record payouts, which are likely to drag on otherwise strong results in the first quarter.
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The European Central Bank has said it fears many euro area lenders are failing to account for sharp rises in credit risk, which may become apparent once pandemic support measures have come to an end.
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GlobalCapital is thrilled to announce that the survey for this year’s awards is now open. All market participants are invited to take part.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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