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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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Despite the coronavirus crisis and uncertainty about the November US election, the Swiss franc market is feeling optimistic for the second half of the year, expecting a strong run of issuance until late autumn. -
Capital markets are preparing for a resurgence in Covid-19 cases as infection rates rise in the US and Europe. Bankers and investors are digging in for a longer pandemic than they hoped for and capital raising plans are set for a complete overhaul, report Sam Kerr, Lewis McLellan and Tyler Davies.
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Palmer gets interim ECM head gig at BofA — Clarke to join JP Morgan for FIG — Paz-Galindo promoted at UBS
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The transposition of the covered bond directive into national legislative frameworks is expected to have been completed by all member states within the next six months. But the clock is ticking, and a decision on whether to postpone implementation will be discussed in September.
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Credit Suisse is bringing its disparate markets and investment banking operations into one division, it announced on Thursday, as new chief executive Thomas Gottstein draws out a fresh structure for the bank. The bank is aiming to create savings to be invested elsewhere, but did not give much detail about where cuts would be made.
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After reaching a provisional agreement with member states, the European Commission is expected to open a consultation to amend the liquidity coverage ratio (LCR) for banks during the fourth quarter. The revision is expected to improve the efficiency of covered bond funding as issuers will now be able to count the same 30 day liquidity held within their covered bond programme towards the LCR too.
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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