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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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Banco BPM opened books for a new tier two on Monday, as it looked to take advantage of supply and demand dynamics in a quieter September than usual. -
DZ Hyp priced a well-subscribed €1bn five year Pfandbrief on Monday through fair value and with the largest negative yield of any covered bond issued this year. The syndication is strong encouragement for hesitant issuers considering deals in this tenor, where yields are at their most punitive.
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The European Banking Authority has confirmed that there are no major legal obstacles preventing issuers from using six month call periods for their regulatory debt instruments.
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This week in Keeping Tabs: a start-up’s plans to change correspondent banking; an argument for dual interest rates; state aid after Brexit; and etiquette in the coronavirus age.
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Bankia and CaixaBank have opened a new chapter in Spanish bank consolidation, having announced that they are undergoing preliminary discussions about a merger. Analysts welcomed the development and believe that it will mark an important test for consolidation in the Spanish banking sector.
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DNB Boligkreditt did not waste any time waiting to tap its covered bond first issued last week, raising a further Skr500m on Thursday in order to capitalise on the attractiveness of the Swedish krona compared with other currencies.
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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