Top section
Top section
◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession
◆ Dutch bank goes 'head to head' with Alphabet in euros ◆ Brings its longest ever opco tranche ◆ Book skewed towards two year FRN
◆ French issuer tightens spread by impressive 8bp ◆ CFF's fourth covered bond in past two months ◆ Spread of 51bp was flat to fair value, says banker
Data
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
More articles/Bond Comments/Ad
More articles/Bond Comments/Ad
More articles
-
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. -
Nomura has expanded its covered bond trading capacity with a new hire from BNP Paribas.
-
Agricultural Bank of China and Shanghai Pudong Development Bank Co competed for investor orders on Monday. ABC, the bigger of the two and offering a green bond to the market, got more attention, while SPDB faced an uphill battle.
-
The unprecedented shortage of primary covered bond supply, mounting redemptions and depleted trading inventories have created an acute squeeze on pricing. A much bigger wave of investors will soon be forced to exit the market if new bonds don't materialise.
-
Société Générale failed to match BNP Paribas for demand in the sterling market on Monday, after following its peer by launching a new non-preferred senior trade in the currency.
-
Caisse Francaise De Financement Local (Caffil) issued only the second covered bond of the year in a large size on Monday, pricing the deal flat to its curve. Despite the prospect of mounting covered bond redemptions, the supply outlook remains abysmal, suggesting spreads will tighten more.
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
Sub-sections
Comment