Top section
Top section
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
More articles/Bond Comments/Ad
More articles/Bond Comments/Ad
More articles
-
Barclays won plaudits for steering a 21 non-call 20 tier two into an extremely tight pricing level this week, following earlier examples from the large French banks. It accompanied its deal with the sale of some long dated senior paper. -
China's Minsheng Financial Leasing Co sold a rare loan-backed bond on Wednesday, replicating a structure it has favoured in the past.
-
The European Central Bank managed to buy more covered bonds on a net basis in February than it did January, but the asset class fell as a proportion of its total asset purchases. In the absence of fresh supply, it was forced to source paper in the secondary market, but at a markedly lower pace than before.
-
SR Boligkreditt issued its largest and longest covered bond on Wednesday, at the tightest spread it has achieved in more than three years, slightly inside fair value.
-
Münchener Hypothekenbank (MunHyp) and the Bank of Ireland sold their first euro green bonds on Wednesday, offering up 2bp-3bp of new issue premium to do so.
-
Belfius Bank is looking to amend the terms and conditions of one of its tier twos so that it can remain eligible for the minimum requirements for own funds and eligible liabilities (MREL). The bond was issued with risk factor language under English law but will now need to be updated to reflect the UK’s departure from the EU.
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
Sub-sections
Comment