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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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A proposed change to the Pfandbrief law introducing a soft bullet maturity is designed to harmonise Germany’s covered bond regime with the rest of Europe’s, as envisaged under the EU’s Covered Bond Directive. However, it could highlight the vast differences in how soft bullet covered bonds are repaid following extension triggers. -
The European Central Bank said this week that it thought a stronger role for countercyclical capital buffers would be key in making sure that banks use their available resources to boost lending in times of crisis.
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The impact of Covid-19 lockdowns on the hotel and retail loans securing German Pfandbriefe is likely to present serious challenges. But conservative lending and high interest rate coverage ratios provide solid protection, so managing a prospective rise in risk-weighted assets will likely be the bigger challenge for certain issuers, said bankers on Tuesday.
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UnipolSai Assicurazioni was nearly three times subscribed for a restricted tier one (RT1) this week — the first of its kind in Italy. An attractive coupon helped to offset any concerns about Italian sovereign risk or a lack of liquidity in the RT1 market.
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Criteria Caixa is sounding out investors for a new seven year unsecured euro bond: its first at this tenor in over five years.
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A pair of Asian banks tapped the Australian dollar bond market for a combined A$1.25bn ($880m) on Tuesday. A number of banks have visited the Aussie market in recent weeks to great success, and more are set to follow.
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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