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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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Toby Croasdell has been appointed global head of MTNs, private placements and commercial paper at Crédit Agricole, following the promotion of previous head Benjamin Lamberg last month. -
The nascent transition bond market is set to get a boost after Bank of China announced plans for a new deal in both dollars and offshore renminbi.
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Craig Meisner, the former head of loan markets for Lloyds Banking Group for North America, has landed a new job at ING Capital.
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Cancelling debt, dual interest rates, helicopter money: if the recovery from the coronavirus crisis stalls in the developed world, we will see calls for more radical central bank action.
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Financial institution borrowers are expected to concentrate efforts on their more difficult trades at the start of this year, reflecting the view that credit conditions cannot get much better — a prudent approach to funding. But the economic recovery is unlikely to be as smooth as expected, and although central banks stand ready, credit market volatility should revive covered bonds as the rainy day funding product of choice.
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Standard Chartered and Crédit Agricole jumped into the long end of the yield curve on Tuesday, as the pair looked to harness the desire for long-dated dollar debt.
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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