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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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Paul Fulcher, formerly at Nomura and Milliman, has joined financial firm Just Group as group capital and investment executive. -
This week in Keeping Tabs: optimum bank capital ratios, and also that other story everyone's been talking about.
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Liberty Mutual gave US institutional investors their first chance to pick up subordinated paper with a fixed-for-life coupon in the 144A market this week. Bankers say the issuer may have found a new pool of demand for the product, which has traditionally been reserved for retail channels.
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Amendments to the German covered bond law, which are expected to be signed off within the next few months, contain key details on how soft bullet extensions will be triggered, the interest rate that is applied in such an event and the size of the liquidity buffer required.
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CMB Financial Leasing Co had to navigate hurdles around structure, timing and pricing for its dual-tranche bond outing this week, managing to bag $800m from a $2.7bn order book.
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Bank of China Hong Kong has sold the first Yulan bond, a new asset class that was only launched in December, raising $500m from the market. But the deal saw limited interest as investors come to grips with the product.
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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