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◆ Strong demand for capital supports two major banks' simultaneous deals ◆ Deutsche goes big and pays concession ◆ SG restricts size for a punchy print at fair value
FIG borrowers flood dollar markets as Westpac's SEC exit strategy pays off
◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession
Data
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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
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European left-wing politicians have called on the European Central Bank to cancel government bonds it has bought, to help countries suffering in the aftermath of the coronavirus crisis. But analysts believe this move would create a lot of political pain and little economic gain. -
Banks are usually fast off the blocks in the January funding window, frontloading their most vanilla issuance and then picking their spots with strategic deals. Covid has put a different spin on the race in 2021, say syndicate officials. Hybrid capital and senior unsecured are likely to get off to a strong start before spreads catch up with economic reality later in the year.
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As countries across Europe tighten coronavirus restrictions in the run-up to Christmas, the European Central Bank saw fit to relax its ban on dividends on Tuesday and pave the way for resumed payments in 2021.
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The Swiss National Bank said it is “willing” to increase the scope of its foreign exchange interventions to keep the Swiss franc’s value down, despite the US Treasury labelling it a ‘currency manipulator’ this week.
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The European Commission’s plans to tackle the mountain of non-performing loans that are expected next year as government support schemes roll off have been criticised as unambitious. They have been dismissed as containing little beyond a review of proposals that have already been unveiled.
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This year proved to be one of the most dramatic on record for corporate financiers as volumes rose from the ashes of the market sell-off. David Rothnie examines some of the themes that defined the year and looks ahead to 2021.
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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
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