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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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Nykredit Realkredit did not need a premium to launch a new non-preferred bond in euros on Thursday, with spreads in the asset class having now returned to where they were before the start of the coronavirus pandemic. -
Bank of Communications Co raised $2.8bn from a Basel III-compliant additional tier one (AT1) capital bond on Wednesday, introducing a new perpetual bond format for Chinese banks.
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HSBC Canada plans to issue its inaugural deal in euros and though the bond is not expected until next year at the earliest, there is a possibility that other Canadian banks could pre-fund before Christmas if strong market conditions last.
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Austrian lender Bawag has taken advantage of the sell-off in rates markets to mandate leads for a 15 year covered bond which, like de Volksbank’s recent deal, should also deliver a positive yield.
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The positive tone following Monday’s vaccine announcement has filtered through into the secondary market, compressing bank senior index spreads to an almost two month low.
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De Volksbank took advantage of a sell-off in the rates market to issue a 20 year covered bond on Wednesday and, thanks to the extra yield it offered enjoyed good demand, albeit quite sensitive.
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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