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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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Fitch cut the long-term issuer default ratings (IDRs) of ABN Amro and Rabobank this week, with a rise in risk-weighted assets having helped to push down the size of the banks’ subordinated bond buffers. -
UniCredit sold a $1bn non-preferred senior bond in the dollar market this week, as it made further headway on its total loss-absorbing capacity (TLAC) plans for next year.
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Bangkok Bank sold its first Basel III-compliant additional tier one dollar bond on Tuesday, making it a rare bank capital offering from Thailand.
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Surging covered bond issuance that is printed only for repo at the central bank and official sector purchases means that the asset class is now less relevant for market funding purposes than ever before. If this continues, the systemic importance of the €2.7tr global market will be undermined just as efforts to develop it look to bear fruit.
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Investors think that insurance companies will be able to deal with the cost of business interruption (BI) claims relating to Covid-19, even though the UK High Court found in favour of policyholders in a test case this week.
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Bawag, NN Bank and Eika Boligkreditt took advantage of exceptionally strong market conditions to mandate leads for covered bonds that are expected to be priced imminently.
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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