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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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Standard Chartered and Crédit Agricole jumped into the long end of the yield curve on Tuesday, as the pair looked to harness the desire for long-dated dollar debt. -
A pair of senior non-preferred bonds from Swedbank and Société Générale on Tuesday followed Monday’s opener from ING. With three household names now having established pricing points, rarer borrowers are starting to fill the pipeline.
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Aareal Bank priced the first covered bond of the year flat to its curve and, unusually, the first leg of the swap payment was priced below the European Central Bank’s deposit rate of minus 0.50%. Even so, the bonds attracted good demand.
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American insurers Metropolitan Life and Athene Holding had a busy start to the year as they tapped the sterling, euro and dollar markets to issue a quartet of funding agreement backed (FAB) securities.
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Sustainable finance specialists are optimistic that the European Commission will make a last minute concession on its proposed rules for green buildings when it publishes its final and binding Taxonomy of Sustainable Economic Activities, expected later this month.
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Despite mounting evidence of a second more fatal wave of Covid-19 infections and longer lasting, tighter lockdowns, it seems that very little can unhinge the positive outlook for covered bonds as liquidity is set to remain king.
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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