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With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
◆ 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
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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
Tweaks to trading book rules will be next stage of competition
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Big firms like HSBC, BlackRock and JP Morgan are always being criticised for environmental, social and governance failings. The remedy lies in their hands. -
BNP Paribas looked to satisfy minimum requirements for own funds and eligible liabilities (MREL) with a senior non-preferred deal on Tuesday, becoming the latest bank to lock in funding as spread levels hit term tights.
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Banco BPM was unable to tighten through initial price thoughts for a new additional tier one on Tuesday, as it looked to maximise its regulatory allowance for the asset class.
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UniCredit raised €2bn of preferred senior funding with a careful trade on Tuesday, as investors come to terms with a new pricing paradigm in the bank bond market.
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Zurich Insurance Company attracted plenty of demand in dollars on Tuesday, as it sold first subordinated dollar trade in over two years — a deal that could fund its acquisition of Metropolitan Life’s US property and casual business.
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Deutsche Pfandbriefbank (PBB) has mandated leads for a three year dollar covered bond in a move that underscores the importance it attaches to matched currency funding.
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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