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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
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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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China International Capital Corp (CICC) raised a larger-than-planned $1.5bn from the bond market on Tuesday in a deal driven by Asian accounts. -
Kaisa Group Holdings and BOC Aviation used swift taps to add more money to their coffers on Tuesday.
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Frazer Ross, head of investment grade debt syndicate for Europe, the Middle East and Africa at Deutsche Bank, is taking a sabbatical.
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Sparebanken Sør Boligkreditt’s covered bond drew more demand than competing deals issued by Berlin Hyp and Royal Bank of Canada on Tuesday, thanks to its more generous spread, shorter duration and favourable liquidity treatment.
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Levels of asset encumbrance increased sharply in the first half of 2020, the European Banking Authority said in a report this week. It warned that roughly half of the assets eligible as collateral for central bank funding schemes are now encumbered.
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Oberbank sold its first senior non-preferred bond on Tuesday. The issuer's investor work paid off as more than 70 accounts poured into the sub-benchmark deal, which was almost two times covered.
Polls and awards
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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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