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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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Italian MPs are threatening to use a vote in parliament this week to derail a recent EU agreement on planned reforms for the European Stability Mechanism (ESM). -
Credit Suisse this week launched its inaugural structured note with a green use of proceeds. Interest in ESG-linked issuance is growing, with an increasing number of retail clients looking to invest in the product.
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Barclays has invited holders of some of its legacy tier two bonds to exchange their notes for cash, as it looks to smarten up its debt capital structure.
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Henrik Stille, senior portfolio manager at Nordea Asset Management, talked to GlobalCapital about the covered bond market and the incredible returns that his strategies have delivered this year, from traditional long-only solutions to innovative leveraged alternatives.
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Société Générale took advantage of superlative conditions in the US dollar market at the start of the week, raising $2bn of funding with a tightly priced deal in non-preferred senior format.
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Covered bond participants will be looking eagerly to the European Central Bank’s policy meeting this Thursday in anticipation of a host of new stimulus measures, the most important of which is likely to be the targeted long term refinancing operation, where lower rates for longer are expected to impinge on supply.
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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