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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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OP Corporate Bank sold a new four year deal this week that set a new low for euro senior bond spreads during the coronavirus pandemic. -
Bank bond spreads widened further on Thursday amid growing numbers of infections in Europe and the US. Deal arrangers say that issuers will need to be more careful about choosing the right issuance window as markets remain choppy.
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The UK government showed this week that it plans to differ from the EU in its approach to banking regulation after Brexit. Divergence will begin with the minimum requirements for own funds and eligible liabilities (MREL), but a new consultation opens the way for further changes.
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The UK government and regulators are looking at ditching some of the specifics of EU financial regulation — encompassing banks, insurers and capital markets — as the country looks ahead to its post-Brexit future.
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Skipton Building Society announced on Wednesday that it was looking to buy back one of its senior bonds. The tender offer will give investors a premium over secondary market and help the issuer optimise its liability base.
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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