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
-
ING kicked off the financials market in euros on Monday, as the Dutch bank looked to extend out its callable curve at a holding company level, and with minimal new issue premia on offer, a slew of deals is set to follow. -
Aareal Bank mandated leads on Monday for the first new covered bond of 2021. At the same time, market participants have low issuance expectations for the next few days. Even though supply may improve next week, January volumes are expected to be lower than in previous years.
-
Covered bond issuance from Europe’s peripheral regions is likely to be anaemic in 2021, as issuers will continue to rely heavily on far cheaper central bank funding. Covered bond spreads are very tight, but the cost of senior unsecured bonds has come down faster, and deposits have grown.
-
The European Central Bank’s gross covered bond purchases sustained strong momentum in November which, in conjunction with wavering supply and high redemptions, caused real investors to be squeezed out — a theme that is bound to continue in 2021.
-
The three major rating agencies have broadly positive outlooks on the covered bond market next year, but they have underlying concerns about rising unemployment, mortgage payment holidays, sovereign and issuer rating downgrades and Brexit.
-
Expected euro denominated covered bond supply from the Nordic region looks promising with Norway likely to prove a particularly bright spot. However, more cost-effective domestic funding in the Swedish market is expected to depress euro volumes there.
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