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Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
Bankers predict steady flow of covered bonds issuance over coming weeks despite recent spike in activity
The conditions are in place for the return of big-ticket M&A to create a European banking champion that is sorely needed — provided the politics of it don’t get in the way
Data
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
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Grid operator Transpower New Zealand returned to the Swissie market this week, landing through its outstanding curve while offering a small premium over Swissgrid. -
Banco de Sabadell was met with good demand this week for the first euro additional tier one benchmark of 2021, as investors welcomed the rare opportunity to pick up subordinated bank debt in the primary market.
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Hamburg Commercial Bank is aiming to establish a regular market presence as part of its post-privatisation transformation plan by following a senior deal on Tuesday with a return to a non-preferred format later this year.
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Oldenburgische Landesbank (OLB) is set to issue its first Pfandbrief sometime next week, after mandating leads for a roadshow.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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