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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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Doubts about the strength of covered bond investor demand were swept away on Tuesday after Berlin Hyp issued its most oversubscribed Pfandbrief in more than five years. The deal sends a strong signal to other issuers that may have been considering tapping the long end at negative yields. -
Berlin Hyp has mandated leads for the first covered bond from the eurozone since June 30 and plans to issue a 10 year deal secured on green mortgages and has pledged to undertake a number of new strategic commitments.
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The bank bond market burst back into life on Monday, with BNP Paribas and Commerzbank shedding light on favourable pricing conditions in euros following the summer break.
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Danish bankers believe that Danish mortgage banks are well capitalised and do not see the need to hold more capital, as was recently proposed by the Danish central bank.
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ABN Amro has become the 18th bank to call an additional tier one (AT1) in 2020, as refinancing conditions continue to improve, despite the impact of the coronavirus pandemic.
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Additional tier ones have been left behind in a recent rally across European credit markets, leading some analysts to champion the asset class as a rare source of yield.
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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