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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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Covered bonds are expected to remain a core funding tool next year and the outlook for supply is likely to improve. However, net of redemptions and central bank purchases, the market will remain highly squeezed. -
Stadshypotek on Tuesday became the first Swedish bank to issue a euro benchmark covered bond this year, with its first euro deal secured on Norwegian mortgages. The bond was priced at the tightest spread for any covered bond issued outside the eurozone since May 2019.
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Ben Smyth, the whistleblower and former debt capital markets banker who took UBS to court, has been hired as an investment officer by the litigation funder Therium Capital.
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A pair of smaller names were tempted into the euro market on Tuesday, after Monday’s news that scientists have developed another successful vaccine for Covid-19 led to a further improvement of market conditions.
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Deutsche Bank and HSBC Holdings were targeting the dollar market with new loss-absorbing senior deals on Tuesday, having each raised debt in euros earlier this month.
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Baoshang Bank’s complete write-down of close to $1bn of tier two debt offers an invaluable lesson to investors in China’s domestic bond market.
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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