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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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Barclays was met with strong demand for its second green senior deal in the sterling market on Tuesday, allowing the bank to shave 25bp off initial guidance and price through fair value. -
Bankers are confident that Canadian covered bond issuance will resume after the Bank of Canada withdrew the repo eligibility of retained covered bonds, while honouring existing repo deals. But bankers are split as to whether supply will restart this year or be deferred until next year.
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Nearly half of Europe’s banks do not intend to participate in the next rounds of the Targeted Longer-Term Refinancing Operations (TLTRO III), according to the results of a new survey published by the European Central Bank this week.
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Muenchener Hypothekenbank has mandated leads for a rare 20 year covered bond benchmark, the first from a German issuer this year and only the third from the whole market. Rates have collapsed rendering the recently popular 15 year tenor less attractive.
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Investors are sanguine about the fact that covered bonds pledged for repo with central banks hit a new record this year. Although issuers acknowledge the need to appear regularly with benchmarks in the public market, some have scaled back, but this is likely to prove temporary.
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As Europe moves into a second wave of coronavirus cases, banks could soon return to the market with more Covid-themed bond issuance. However, issuers that do choose to tap the market may find themselves competing with the European Union.
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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