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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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Nykredit Realkredit opted to tap the seven year point of the curve on Monday as it issued senior non-preferred debt ahead of a deadline for regulatory debt buffers in 2022. -
Feeble bank lending figures suggest that some European banks will not be able to tap the ECB's Targeted Longer-Term Refinancing Operations (TLTRO) at the cheapest rate on offer. For those institutions, covered bond funding will become a compelling alternative.
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HSBC’s CEO Noel Quinn is expected to announce a new leader for its sustainability agenda soon, as Daniel Klier is leaving to join Arabesque, an asset manager and technology company.
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Société Générale dived into the euro market in search of preferred senior paper on Friday morning, just days after reporting its 2020 results, becoming the fourth bank to tap the seven year part of the curve in the last fortnight.
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Global financial institutions will focus more on their home markets amid a sharp fall in funding requirements this year, leaving sterling credit investors yearning for more supply from overseas FIG issuers.
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Goldman Sachs and JP Morgan offered investors diversity as they burnished their environmental, social and governance (ESG) credentials this week.
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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