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◆ Italian banking in 'very interesting place,' lead says ◆ Low NIP ◆ First issue since Monte dei Paschi announced takeover bid
◆ 'Strong' bid from international and domestic accounts ◆ Priced inside of issuer's target level ◆ Lower NIP than last week's trades
◆ Spreads tightened on eight and 12 year tranches ◆ Banker had issuer paying 2bp NIP on both legs ◆ ING’s second covered deal of 2026
Data
Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
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
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If UBS’s reported exploration of a merger with Credit Suisse actually leads to a tie-up at some point, it would create a formidable European investment bank. -
Recent Brexit developments prove that UK banks were right to pile into the market earlier this year.
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Banks and insurance companies were falling over one another to issue green bonds this week, with deal arrangers seeing ESG labels as near infallible ways of bringing pricing through fair value, write Tyler Davies and David Freitas.
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Bank Austria UniCredit (Baca) and Bawag issued tightly priced and exceptionally well subscribed covered bonds this week, reflecting the scarcity of issuance from the region and in their chosen tenors.
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The London Stock Exchange Group has partnered with fintech firm Nivaura for the exchange's new platform, called Flow. LSEG hopes that its adoption of Nivaura’s general-purpose legal mark-up language (GLML) technology will help to establish it as the industry’s automation protocol of choice.
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Caffil took advantage of extraordinarily strong market conditions on Monday to issue a sizeable eight year covered bond slightly inside fair value and was followed on Thursday by Compagnie de Financement Foncier with the second largest covered bond of the week, and though it was also priced tightly, demand was far less compelling.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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