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◆ Tightest callable Italian tier two since 2020 ◆ UniCredit year-on-year spreads continue to tighten ◆ 80% of allocations made to 'solid real money' accounts
◆ 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
◆ Largest Czech bank tightened spread by 8bp ◆ Subsidiary of Erste Group announced mandate on Monday ◆ 'Arithmetically, there is no FV', a banker said
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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Activity in the financial institutions bond market has picked up this week after a long pause in euro supply. Danske Bank and Belfius Bank were among the names looking to capitalise on the improving market conditions on Wednesday. -
Bank of Ireland has opened books on its second additional tier one (AT1) in just over three months, as it looks to top up its regulatory capital levels and take advantage of rising valuations for subordinated debt.
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Jakob Groot has left Danske Bank, with Berit Behring taking charge of a newly created division for large corporate and wholesale customers.
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Core covered bond markets still have scope to perform by a few basis points over the rest of this year, said bankers on Tuesday. They argued concerns about the EU recovery fund pushing spreads wider had been overplayed.
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Intesa Sanpaolo racked up plenty of orders behind an additional tier one (AT1) on Tuesday, showing that investors are hungry for new sources of yield. The deal ended a long pause for sales of subordinated debt in the euro market.
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Bank credit investors are showing they won’t be forced into buying every new euro deal after the summer break, as they appear content to wait for further supply.
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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