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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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Novo Banco found just enough demand to print its first preferred senior bond this week, setting the issuer off on a journey towards its minimum requirements for own funds and eligible liabilities (MREL) targets. Market participants drew attention to the Portuguese bank’s controversial past, including imposing unexpected losses on a group of senior bondholders. -
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Oldenburgische Landesbank (OLB) launched a €100m of additional tier one (AT1) capital on Thursday, with new issuance in the asset class remaining skewed towards sub-benchmark transactions.
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LBBW priced its first euro green non-preferred bond in two years at one of the tightest spreads of the year so far for the format, while still offering investors scope for secondary performance.
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A smattering of Nordic deals could looks set to be about the only source of supply in the FIG bond market over the summer as the region’s banks come out of blackout.
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Georgia has become the latest country to signal its intention to develop a covered bond law, though given the small size of its mortgage market, issuance prospects are likely to prove limited.
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