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◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most
◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender 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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Zam Khan is a managing director in Houlihan Lokey’s Financial Institutions Group, where he leads the portfolio and capital advisory practice. He told GlobalCapital how banks should use financial data to deal with new NPL formations, or risk being engulfed by losses over the next few months. -
The European Central Bank has put the familiar topic of bank consolidation back into the spotlight, after its supervisory arm made clear last week that it did not want to stand in the way of well-designed deals.
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Crédit Agricole Assurances (CAA) added to the subordinated deal flow in the FIG bond market on Tuesday by launching a tier two bond. The French insurer benefitted from the rarity of its appearances in primary markets, and the large deal size meant that although the issuer paid some premium, it "did not leave much value on the table", according to a lead manager.
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Conditions in the primary FIG bond market have improved of late, tempting European issuers to bring subordinated trades. Rabobank made an appearance this week, adding to a flurry of trades in the format.
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BBVA became the first financial institution to issue green debt in additional tier one (AT1) format on Tuesday, launching a bond with a 6% coupon. The Spanish lender left no premium on the table, according to some market participants.
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GlobalCapital will open the poll for its Covered Bond Awards 2020 shortly and welcomes feedback on the award categories and nominations for shortlists.
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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