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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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Green bond specialists have criticised the buildings section of the European Union’s proposed sustainable finance taxonomy as impractical as it creates unhelpful incentives that exclude most bank financing, including green senior unsecured, RMBS and covered bonds. -
Two banks landed tight with environmental, social and governance (ESG) themed deals this week: Crédit Agricole settled at a record low on its social bond debut, while DZ Bank came even tighter with its first senior non-preferred green bond.
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BPCE incorporated a call option into one of its Samurai deals for the first time on Thursday, when it raised about $430m equivalent of non-preferred senior paper, including one social leg.
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Münchener Hypothekenbank (MunHyp) made use of an impressive spread tightening in the Swiss franc market to follow up Pfandbriefbank’s monthly issue with an even tighter covered deal of its own.
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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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