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◆ HSBC markets new dollar AT1 less than two months after raising $2.5bn ◆ Belfius Bank seen as candidate for further AT1 issuance ◆ Belgian lender is touring Europe to presents its 2026-2030 plan
◆ No attrition on insurance arm's €500m no-grow 2036 deal ◆ Ample demand from buy-and-hold accounts ◆ 'So much cash available' despite US-Iran peace deal failure
◆ ING brings its first euro capital trade of 2026 ◆ Fair value debated ◆ ING's and Intesa's tier two deals were "not a competition"
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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Sumitomo Mitsui Trust Bank (Sumitr) mustered a reasonable order book for its debut contractual covered bond issued on Wednesday, and was able to meet its minimum size ambition at a fair spread. -
My Money’s Bank’s 10 year Obligations Foncières issued on Wednesday attracted strong demand, largely due to the spread on offer.
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BNP Paribas made use of a conducive backdrop this week to build a strong orderbook for a new green non-preferred senior deal.
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Crédit Agricole was set to launch a tightly priced new additional tier one (AT1) in the euro market on Wednesday, as investors had to consider whether the French bank was looking to expand its footprint in Italy.
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Euro area banks delivered 0% return on equity in the second quarter, according to new figures from the European Central Bank. The industry is grappling with a decline in income and a sharp surge in loan loss provisions amid the Covid-19 pandemic.
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The German Ministry of Finance has requested feedback on a draft amendment to the Pfandbrief Act that seeks to bring the country’s laws into line with the EU covered bond directive. The most contentious aspect is the inclusion of a soft bullet maturity.
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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