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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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Muenchener Hypothekenbank (MuHyp) has mandated joint leads for a 20 year Pfandbrief, the longest covered bond so far this year. -
Passive investors are expected to become a bigger force in environmental, social and governance debt investing this year, as index providers and asset managers expand the range of products that apply ESG criteria to bonds.
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DNB Boligkreditt issued a covered bond on Thursday that became its most oversubscribed covered bond ever, equalling the bank’s biggest ever order book. The deal, secured on green mortgages, was priced through its vanilla curve, clearly demonstrating the demand for covered bonds.
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Oberbank is preparing to launch a sub-benchmark non-preferred senior deal into a quiet FIG market that has not seen a senior deal since Tuesday.
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The prospect of Italy's government collapsing began to take its toll on bank debt markets on Thursday morning, with some new issues underperforming in light of the crisis.
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Crédit Agricole tapped the Australian dollar market for tier two debt this week, following up last Tuesday's public US dollar benchmark with a privately placed trade in a similar tenor.
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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