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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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Just Group was met with strong demand for a green tier two in the sterling market on Thursday, allowing it to set a coupon of 7% versus initial price thoughts in the 7.5% area. -
Sumitomo Mitsui Trust Bank (Sumitr) mustered a reasonable order book for its debut contractual covered bond issued on Wednesday, and was able to meet its minimum size ambition at a fair spread.
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My Money’s Bank’s 10 year Obligations Foncières issued on Wednesday attracted strong demand, largely due to the spread on offer.
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BNP Paribas made use of a conducive backdrop this week to build a strong orderbook for a new green non-preferred senior deal.
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Crédit Agricole was set to launch a tightly priced new additional tier one (AT1) in the euro market on Wednesday, as investors had to consider whether the French bank was looking to expand its footprint in Italy.
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Euro area banks delivered 0% return on equity in the second quarter, according to new figures from the European Central Bank. The industry is grappling with a decline in income and a sharp surge in loan loss provisions amid the Covid-19 pandemic.
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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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