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◆ Austrian bank's biggest book for a senior bond in many years ◆ Higher spread than peers, longer marketing helps ◆ Scarcity of Austrian non-preferred debt
◆ Issuer pays small new issue premium ◆ Order book showed 'more than enough demand' ◆ Four German banks issued covereds in past two weeks
Only third Portuguese covered this year ◆ Fair value at '13bp-14bp' says banker ◆ Investors responded well to three year tenor
Data
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
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
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European banks made the most of an improving tone in the euro market this week, piling on top of one another to access funding in a small but supportive window. -
Portuguese insurance company Fidelidade is looking to sell a tier two bond this week, three years after first exploring the idea of issuing a subordinated debt instrument.
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A proposed French law may incentivise owners to take out loans that improve the energy efficiency of their homes, which could boost green mortgage production and green covered bond issuance.
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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