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◆ 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
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Non-preferred senior and holding company issuance was the focus for bank borrowers in euros this week, in what has been a slow start to the year by FIG market standards. With cheap central bank funding on offer, issuers have opted to start their funding programmes by filling their regulatory buckets. -
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HSBC’s aims to boost market share in investment banking and rebalance towards Asia remain intact despite the resignation of one of its most senior lieutenants. But 2021 must be about execution, writes David Rothnie.
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A holding company-level deal from KBC Group on Thursday became the latest in a slew of senior non-preferred and holding company bank issuance in euros this week, in what has been a slow start to the year by FIG market standards.
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After issuing the first green covered bond, Sparebank 1 Boligkreditt has now become the first bank outside the UK to undertake a Sonia consent solicitation. The consent solicitation will increase pressure on other issuers outside the UK to follow suit.
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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