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◆ Smaller institutions attract investors' attention with higher yielding capital ◆ Shawbrook issues its first benchmark ◆ LV= returns to bond market after 13 years
US bank eyes one of the tightest US preferred resets as BBVA goes for subordinated, senior combo
Market participants gathering in Stavanger will focus on market growth
Data
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
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The European Central Bank has said it is too soon to tell if banks will use the flexibility embedded in the Basel capital buffer framework because the credit impact of the coronavirus pandemic is still unclear. -
FIG rainmaker Andrea Orcel is stepping back into the limelight as UniCredit chief executive, just as momentum is building for large-scale banking consolidation. He has an array of M&A options, but will he be shy in pulling the trigger? David Rothnie reports.
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Bank bond spreads widened on the back of negative sentiment this week, but a handful of lenders were still able to take advantage of a constructive backdrop in the new issue market.
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China is allowing banks to issue perpetual bonds with an equity conversion provision, an attempt to balance the need to help smaller lenders shore up their capital with a desire to protect investors. Addison Gong reports.
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ANZ returned to the euro market with a tier twovlinked to the UN’s sustainable development goals (SDG) this week — going on to print a deal that was over three times covered at guidance.
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Covered bond spreads are so tight that asset managers with strict mandates to invest only in this asset class, such as Union Investment in Germany, have limited room to extract relative value and post a better performance than the main indices. And unlike last year, when falling interest rates boosted absolute returns, the rates outlook is less certain.
Polls and awards
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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