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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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Alpha Bank priced a new tier two in line with its initial marketing range on Thursday, after failing to build up much momentum through the order book. -
Hypo Tirol issued its first Pfandbrief to fund affordable housing on Thursday.
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Commerzbank and Crédit Mutuel Arkéa shared the spoils in the senior market on Thursday, with the pair tapping opposing ends of the curve and vastly different pools of investors.
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Monika Rast, UniCredit's head of multinational corporates, is taking on the additional title of deputy head of the corporate and investment bank for Germany.
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Aviva launched a buy back process for eight securities in euros and sterling on Thursday, covering senior bonds, tier two notes and tier one paper. The insurance company is looking to reduce its stock of debt quickly as a way of meeting its leverage ratio targets.
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Barclays has structured a new mortgage master issuer vehicle, raising the prospects of a return to RMBS funding for a bank which has been absent from the market for nearly a decade. The new vehicle uses the same revolutionary technology present in Coventry Building Society’s Economic Master Issuer deal, which slashes the time, cost and complexity of running these structures.
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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