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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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When the European Central Bank (ECB) is suggesting the additional tier-one market could cost the euro area up to 0.25% of GDP growth in the next year and a half, it is probably time to start thinking about reforming the asset class. -
The UK government looks ever more likely to create a new public sector bank focused on green infrastructure. Policy experts welcome the prospect, but there would be many choices to make over the structure and financing of the organisation.
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The outlook for covered bond spreads has become less clear cut following last week’s historic agreement on the EU’s coronavirus recovery fund, according to analysts. But bank traders believe the market is well protected and think that the biggest risk to spreads is if there is a broader credit and equity market sell-off.
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The European Central Bank recommended this week that banks do not pay dividends or buy back shares until the start of 2021 at the earliest. It is also calling for 'extreme moderation' over banker bonuses during the coronavirus pandemic.
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The European Central Bank said on Tuesday that it would not be pushing banks to meet their Pillar 2 guidance or their combined buffer requirements until at least the end of 2022, as part of its efforts to encourage more lending to the real economy.
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China Everbright Bank Co relied on the syndicate team running its deal for a $700m floating rate note on Monday.
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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