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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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Covered bonds risk becoming less relevant in future if central banks continue to eclipse private investors as the banking system’s principal funding source, Moody’s warned. Nonetheless, delegates from a record number of countries registered for Euromoney ECBC Virtual Covered Bond Conference, which began on Wednesday. -
Senior deals from BPCE and Erste Group Bank this week benefitted from enthusiastic investor support amid a shortage of supply in the asset class.
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The European bond market has lost none of its charm or interest, said one of its most experienced bankers this week, on the verge of his retirement. Hugh Carter, Commerzbank’s head of credit syndicate, is leaving the bank on September 18.
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Italian lender Credito Emiliano opened books on a new €200m tier two on Wednesday, as it looked to improve its financial position in a strong market for subordinated debt.
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Singapore’s United Overseas Bank has bagged the lowest yield globally for a Basel-III compliant tier two dollar bond, breaking the record set by its peer Oversea-Chinese Banking Corp just last week.
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BOC Aviation paid investors a small premium on Tuesday to seal a $750m decade bond.
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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