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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 bond issuers were urged to do their toughest covered bond trades in the wake of an outstanding result on Thursday for Sumitomo Mitsui Banking Corporation, which attracted a deeper and broader range of higher quality demand for its first negative yielding structured covered bond than any of its previous deals. -
Senior deals from Banco de Sabadell and Mediobanca underlined the pricing benefits of printing in green formats this week, with both coming inside conventional curves. Other issuers could be tempted to follow.
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Ex-Barclays banker joins Finsbury to develop equity advisory — Laubjerg hired for natural resources at HSBC — Rousseau leaves Deutsche and joins Citi
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HSBC might be in the middle of a big restructuring, but that isn’t stopping plans to develop mid-market M&A efforts in France, Germany and Asia as well as the UK, writes David Rothnie. The bank has also bolstered its teams covering specific sectors.
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KBC was marketing a fixed-to-floating rate note on Thursday. Strong demand allowed it to tighten pricing by 15bp during execution.
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A new tier two deal from Italian lender Monte dei Paschi di Siena on Thursday showed that the market is open for trickier credits looking to sell riskier bonds. The deal emerged as the European Central Bank told Monte to raise capital to complete the sale of €8bn of non-performing exposures to Amco, the state-owned asset management company.
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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