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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
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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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Each week, Keeping Tabs brings you the very best of what we in the GlobalCapital newsroom have found most useful, interesting and informative from around the web. This week: the challenges facing European bank supervisors, attitudes to ethical investing by generation and gender, and how racial inequality rears its head in the US housing market. -
Investors appeared to be more sensitive of price movements in new issues of covered bonds this week, with valuations in the asset class having returned to within touching distance of their January levels.
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The European Parliament has voted overwhelmingly in favour of a series of temporary amendments to the Capital Requirements Regulation. The changes will offer banks capital relief during the coronavirus pandemic, including via a prudential filter for government bond exposures.
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Steven van Rijswijk has been appointed the new chief executive of ING, after Ralph Hamers decided to join UBS. Van Rijswijk has worked his way up at ING, having worked in a number of roles in the investment bank.
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Bank of China (BOC) raised $1bn from a dual tranche transaction at a negative premium on Thursday, after strong demand from its large syndicate group.
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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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