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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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Pre-funding is likely to be the name of the game in FIG from next week, with banks expected to use supportive market conditions in the wake of the US election to launch a final flurry of deals before the end of the year. -
Capital markets bankers are preparing to restart issuance next week to take advantage of a rally should Joe Biden be confirmed as president-elect of the US by the end of this week, write Sam Kerr, Tyler Davies, Oliver West, Mariam Meskin, Michael Turner and Lewis McLellan
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Banca Monte dei Paschi di Siena confirmed on Thursday that it was looking at options to strengthen its capital position, with the full support of the Italian government. Trading had already been heating up in its tier twos, as investors have been forced to consider whether a capital raise will require burden sharing under EU state aid rules.
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Valuations carried on climbing in the bank bond market on Thursday, as investors appeared keen to look beyond the uncertain outcome of the US presidential election.
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Some market participants say the European Central Bank could open itself up to buying preferred senior bank debt if it expands its purchase programmes in December.
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The Reserve Bank of Australia has announced plans to explore the potential uses and implications of a central bank digital currency using distributed ledger technology. The RBA follows the Banque de France, which last year worked with Société Générale to settle a crypto covered bond — a product that offers a number of ways to deploy blockchain technology.
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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