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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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A trio of rare issuers found a window for issuance in the FIG bond market on Thursday, with Nykredit and Hamburg Commercial Bank accessing a tightening senior non-preferred market, while Íslandsbanki launched Iceland's first ever sustainable bond -
French agency Caisse des Dépôts et Consignations finished its 2020 syndicated funding programme with a visit to the Swiss market this week, printing an extremely tight deal through the high quality domestic covered bond curve.
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OP Mortgage Bank issued a rare Finnish covered bond on Thursday, pricing the deal flat to where German issuers would have been expected to come, with the sizeable €1.25bn 10 year offering and an alluring pick-up to the issuer’s highly squeezed curve.
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Société Générale was set to launch a popular additional tier one deal in the dollar market on Thursday, as investors spied an opportunity to gain a little pick-up over other French bank credits.
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Despite lower yields and some price sensitivity, Bawag found solid demand for its 15 year Pfandbrief, which was issued on Thursday flat to the curve.
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Less frequent issuers found a window for issuance in the FIG bond market on Thursday, with Íslandsbanki launching Iceland's first ever sustainable bond and Hamburg Commercial Bank (HCB) focusing on non-preferred senior debt after twice delaying plans for a tier two.
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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