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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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There are a lot of positive things to say about the European Union’s draft Taxonomy of Sustainable Economic Activities, but as far as buildings are concerned, its aims are too ambitious. Without a last minute reprieve, it risks killing the nascent market for green wholesale property finance. -
Green bond specialists have criticised the buildings section of the European Union’s proposed sustainable finance Taxonomy as impractical, creating unhelpful incentives and excluding most bank financing, including green senior unsecured, RMBS and covered bonds.
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Italian SME lender Illimity Bank is getting ready to sell its first senior bond by asking investors what sort of a price they would want to pay for the single B rated paper.
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CNP Assurances ventured out with a rare tier three deal on Tuesday, becoming only the second issuer this year to tap the format in euros.
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Banca Monte dei Paschi di Siena found plenty of demand for a new senior bond in the euro market on Tuesday, aided by growing speculation about the possibility of a merger with UniCredit.
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Credit Suisse has picked the outgoing chief executive of Lloyds Banking Group, António Horta-Osório, as its next chairman.
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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