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◆ New deals land close to, if not at, fair value ◆ Book attrition visible amid competing corporate supply ◆ Seemingly no rivalry between senior FIG deals
◆ AT1 volumes reach €5.5bn-equivalent since post-tariff reopening ◆ KBC pays premium for larger size ◆ BPM benefits from takeover tightening
◆ UK insurer makes rare visit to euros ◆ Signs of growing investor discipline ◆ Groupama tier two was 'good trade'
Asset class war breaks out as FIG market complains Reverse Yankees are stealing investors away from their deals
The potential for further Trump-induced volatility leaves issuers saving covered bonds for even rainier days
Demand buoyed by money market fund inflows as investors 'park cash'
Favourable factors support long dated issuance in both senior and covered bonds despite the divergent fates of issuers in the two markets
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Triple oversubscription drives price 15bp inside initial guidance -
Market reaction suits unsecured deals, from those not in blackout, as soon as Friday
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◆ Demand 'surprised to the upside' ◆ Deal attracts largest final book since August ◆ Trade spotted 2.5bp tighter in secondary
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◆ Reg S only but multiple times oversubscription ◆ Issuer's first subordinated debt under new Swiss insurance solvency framework ◆ Zurich funds roughly flat to Allianz, though peer issued a larger bond
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◆ Issuer eyes further outings ◆ Book closes in excess of €820m ◆ Multi-day marketing period supported demand
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The path to a capital markets union will inevitably pass through a pan-European banking union
Polls and awards
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be announced at a ceremony in London on June 18
The vote to choose the leading firms and individuals in the international debt capital markets has begun
The covered bond market gathered in Porto to celebrate its standout deals, institutions and individuals
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