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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
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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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Belgian insurer Ageas sold its first deal in almost a year this week, with the spread on offer helping to drive demand to more than three times covered. -
Erste Group Bank and Société Générale both capitalised on the euro market’s extremely favourable conditions this week, pricing new subordinated deals in line with fair value or even through it.
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Goldman IBD heads: Lemkau out, Esposito in — UBS whistleblower hired by Therium — New Nordic bosses at Citi's BCMA
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Rabobank sold the largest 20 year covered bond of the year at the tightest spread it has ever achieved in that tenor on Thursday, illustrating superb market conditions.
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Limited supply prospects next year suggest that relentless purchases under the European Central Bank’s Covered Bond Purchase Programme (CBPP3) will continue to exert a strong influence on yields, squeezing more real money investors out of the market, even though its gross purchases may decline.
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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