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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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Erste Group Bank was first out of the blocks this week to tap the euro market for senior preferred paper, with the lack of competing supply allowing the bank to target 'pricing over size', according to one of the leads. -
Banca Monte dei Paschi di Siena has published a new business plan for the next four years, targeting a return to profit in 2022. The plan relies on the bank receiving a capital injection of at least €2bn, which is still under discussion with authorities in Italy and the EU.
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Banque Fédérative du Crédit Mutuel (BFCM) paid up to attract investors to its new preferred senior sterling deal on Monday. Although it was unable to match the quantity of demand set by a BNP Paribas non-preferred deal earlier this month, sources close to the deal were pleased with the quality of investors involved.
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Peter Enns, most recently global co-head of advisory and investment banking coverage (AIBC) at HSBC, is set to be the next chief financial officer at insurer Chubb.
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Muenchener Hypothekenbank (MuHyp) sold the longest covered bond of the year so far this week, and bankers expect more long end deals to follow.
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Société Générale dropped into the Swiss market for the first time since last February to print a new bail-inable note on Friday.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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