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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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Austrian lender Bawag has taken advantage of the sell-off in rates markets to mandate leads for a 15 year covered bond which, like de Volksbank’s recent deal, should also deliver a positive yield. -
The positive tone following Monday’s vaccine announcement has filtered through into the secondary market, compressing bank senior index spreads to an almost two month low.
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De Volksbank took advantage of a sell-off in the rates market to issue a 20 year covered bond on Wednesday and, thanks to the extra yield it offered enjoyed good demand, albeit quite sensitive.
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US banks have fared well in the Financial Stability Board’s latest assessment of firms' systemic importance, with JP Morgan no longer standing out as the riskiest bank in the world.
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The Swedish Financial Supervisory Authority (FSA) said on Wednesday that it would be "reasonable" for some profitable banks to go back to paying dividends from next year, so long as the economy recovers from pandemic restrictions.
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Redco Properties Group has tackled some of its upcoming maturities by selling a new $266m bond to refinance debt.
Polls and awards
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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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