Top section
Top section
◆ 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
More articles/Bond Comments/Ad
More articles/Bond Comments/Ad
More articles
-
Banks in the EU have spent the last four years changing the terms and conditions of new issues to create a sense of certainty over how English law bonds will be treated after Brexit. -
The coronavirus crisis has reshaped many aspects of finance, but not the line-up of top investment banks. It does appear to have pressed some firms into sharp decisions, though.
-
A sombre set of second quarter earnings has done little to frighten credit investors away from European banks this month. Fund managers believe the sector is well capitalised enough to withstand any reasonable shock from Covid-19, putting subordinated bonds in an ideal position to rally into the end of the year, writes Tyler Davies.
-
Société Générale and Natixis have purged their senior ranks following second-quarter losses and to prepare for strategic revamps, but David Rothnie thinks the future will remain challenging for both.
-
An improvement in the cross-currency basis swap has made dollar funding look more attractive to covered bond issuers, but this is not expected to lead to higher supply with bank senior unsecured dollar paper looking the more compelling option.
-
Citi has taken market share from other banks in the past year to become one of only four that account for 60% of all secondary market covered bond volume traded on Bloomberg so far this year, thanks to a combination of devoting balance sheet to trading and having the appetite to take risk.
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
Sub-sections
Comment