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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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Hong Kong-based Chong Hing Bank’s $250m Basel III-compliant additional tier one (AT1) bond received just muted demand from investors because of its tight pricing approach. -
Mortgage payment holidays across Europe, offered to help borrowers cope with the economic effects of lockdown, were highest in UK covered bond pools, according to the European Covered Bond Council’s newly updated harmonised transparency template (HTT). But that reflects the ease with which homeowners could apply for the breaks rather than the likelihood of those loans turning into bad ones.
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The needs of the economy during the coronavirus pandemic could alter the Single Resolution Board’s assessment of whether a failing bank needs to be put into resolution or insolvency.
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ANZ has altered the pre-maturity test of the hard bullet transactions in its covered bond programme, by doubling the time the covered bond guarantor has to sell assets. The "investor-friendly" update, which improves rating stability, follows ANZ’s recent downgrade and could be of interest to other issuers in a similar situation.
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The additional tier one market is putting too much emphasis on the risk that banks will try and extend the lives of their bonds, according to Atlanticomnium, suggesting there is plenty of room for the asset class to rally this year.
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A new study from the European Central Bank has found that phasing-in capital requirements can lead to a significant boost in bank solvency levels, but that it can also contribute to an increase in risk-taking.
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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