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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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Deutsche Pfandbriefbank (PBB) has mandated leads for a three year dollar covered bond in a move that underscores the importance it attaches to matched currency funding. -
Nomura has expanded its covered bond trading capacity with a new hire from BNP Paribas.
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Agricultural Bank of China and Shanghai Pudong Development Bank Co competed for investor orders on Monday. ABC, the bigger of the two and offering a green bond to the market, got more attention, while SPDB faced an uphill battle.
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The unprecedented shortage of primary covered bond supply, mounting redemptions and depleted trading inventories have created an acute squeeze on pricing. A much bigger wave of investors will soon be forced to exit the market if new bonds don't materialise.
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Société Générale failed to match BNP Paribas for demand in the sterling market on Monday, after following its peer by launching a new non-preferred senior trade in the currency.
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Caisse Francaise De Financement Local (Caffil) issued only the second covered bond of the year in a large size on Monday, pricing the deal flat to its curve. Despite the prospect of mounting covered bond redemptions, the supply outlook remains abysmal, suggesting spreads will tighten more.
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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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