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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
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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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The US presidential election is next week but, unlike the rest of the world, capital markets professionals are not rooting for Joe Biden or the incumbent, Donald Trump, to win. Instead, they just want a clear result that will spur issuance for the rest of the year. Sam Kerr, Mike Turner, Lewis McLellan, Mariam Meskin, Frank Jackman and Aidan Gregory report. -
Fee growth from Credit Suisse's equity capital markets business supported its newly established investment bank, its third quarter results on Thursday showed.
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Covered bonds issued by NordLB’s Luxembourg subsidiary are set to become ineligible for the liquidity coverage ratio from July 2022, according to a draft amendment published this week by the European Commission.
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Concerns over the worsening coronavirus infection rate in Europe sent bank spreads wider on Thursday, as investors avoided taking on risk in the secondary market.
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Only a few countries have made headway in the implementation of the Covered Bond Directive and, with just a few months left, there are growing concerns that its transposition will be delayed, said bankers attending a virtual event sponsored by the European Covered Bond Council (ECBC) on Wednesday.
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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