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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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Elke Koenig, chair of the Single Resolution Board, said this week that new ‘pre-liquidation’ supervisory tools could be used to address the problem of having banks that are too small for resolution and too big for insolvency. -
HSBC Holdings did not need to wait for a result in the US presidential election as it opened order books for a dual-tranche senior deal in euros on Friday, paving the way for further supply in the FIG market next week.
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The Co-operative Bank said on Friday that it was pressing ahead with plans to raise £200m of debt for the minimum requirements for own funds and eligible liabilities (MREL) in the fourth quarter of this year, hoping to overcome "challenging" conditions to remain on track with its targets.
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BNP Paribas has hired Sofia Lonnqvist from Barclays to work in its debt capital markets team covering financial institutions clients.
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OP Mortgage Bank is set to become the first bank in Finland to issue a covered bond secured on energy efficient mortgages after announcing a green covered bond framework. The prospective deal follows a growing crowd and comes after a string of debut covered bonds with an environmental, social or governance theme issued this year.
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UniCredit’s CEO Jean Pierre Mustier delivered an upbeat assessment of the bank’s third quarter results on Thursday, confirming its profit and provisioning guidance for the year, though debt capital markets revenue sagged.
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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