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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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While the initial focus of sustainable finance efforts was largely on environmental action, social factors have grown increasingly prominent in recent years — underscored by the establishment of the Social Bond Principles in 2017. Subsequently, Covid and racial tensions in the US have each highlighted social disparities that are leading issuers and investors to treat diversity and inclusion as key parameters too. -
With sovereign ESG bonds passing a clear inflection point, sustainability-linked bonds seeing notable growth and acceptance, and social bonds catapulted forward by a key borrower — the European Union (EU) — that is also poised to boost the green bonds market with an unprecedented €250bn programme, sustainable debt capital markets are reaching a new peak of activity across the capital structure from every issuer and credit type. So what’s driving the current boom and what will follow it?
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Moody’s has changed the way it looks at loss-given-failure in banks under resolution regimes, adopting a less conservative approach to non-preferred senior bonds. The rating agency has also done away with its more favourable treatment of high trigger additional tier ones (AT1), putting them on a par with low trigger instruments.
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The Basel Committee on Banking Supervision has completed a report looking at lessons learned from the coronavirus pandemic, but it has stopped short of recommending any changes to the regulatory capital framework.
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Is finance about to break out of the cocoon in which it has pupated for decades, and become a completely different life form?
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It was a question of unfinished business for Nomura this week, as the Japanese firm came to the dollar market with a rebooted $3.25bn three part dollar trade.
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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