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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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The European Central Bank's Isabel Vansteenkiste welcomed a proposal for green Targeted Longer-Term Refinancing Operations (TLTROs) on Monday, but talked through what she saw as some concerns with the idea. -
Caffil attracted robust demand for its fifth covered bond this year on Monday, thanks to the positive yield on offer at the unusual 15 year maturity. But with a wave of cheap European Union 15 year supply expected to surface before long, other issuers may try to follow Caffil's lead and jump in ahead.
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Wüstenrot Bausparkasse mandated leads on Monday for a seven year Pfandbrief in sub-benchmark size. The German building society’s transaction is set to emerge ahead of another from Bausparkasse Schwäbisch Hall which is also due soon.
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The German Ministry of Finance has paved the way for future restricted tier one issuance (RT1) from the country’s insurance sector. Among those now able to tap the instrument is Allianz, which analysts believe could enter the market next year.
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The European Central Bank has set out a plan for relieving tensions between ‘home’ and ‘host’ countries in the Banking Union. The plan relies on introducing stronger and more enforceable mechanisms of intragroup capital and liquidity support, which could then be linked with earlier intervention powers for the supervisor.
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Singapore’s United Overseas Bank issued a A$500m ($362.2m) bond in Australia on Friday, as a lack of financial paper in the market drove investor demand.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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