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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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Deutsche Pfandbriefbank (PBB) has announced a tender offer for up to €250m covered bonds. Like Berlin Hyp, it has ensured that the affected deal will remain at benchmark size, but, in contrast to its peer, it is not planning a replacement issue.
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Nationwide Building Society was able to tighten pricing by 50bp on the sale of an additional tier one bond on Wednesday, landing at a 5.75% coupon. The new issue will increase the bank’s leverage ratio, which went down last year amid a net redemption of tier one debt. -
Members of the European Parliament have agreed on a series of temporary changes to the EU’s bank capital framework, including the introduction of a prudential filter for sovereign bond exposures. They stopped short of adopting amendments that would restrict the payment of additional tier one (AT1) coupons.
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BPER Banca opened books for its inaugural sale of senior debt on Wednesday, giving investors their first chance to buy into a new issue from a second tier Italian bank during the Covid-19 pandemic.
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The European Covered Bond Council has updated its harmonised transparency template to include a new tab that tracks mortgage loans that have been granted a payment holiday due to the impact of Covid-19. Credit rating agency analysts welcomed the move, but said there is still a question over how loans will perform after payment holidays end.
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The Green Bond Principles organisation has released a set of principles for sustainability-linked bonds, the product invented and so far only used by Enel, in anticipation of an expected growing market. It has also revised the Social Bond Principles, taking account of lessons learned during the coronavirus crisis. But on transition bonds it has merely produced an unpublished update.
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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