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◆ Wednesday's 'stand out' senior trade ◆ €1.6bn order book largest ever for BoC ◆ First transaction since acquisiton of UAE-based CDB Bank
Elena Bortolotti was promoted to managing director at Barclays in January 2022
◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
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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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ABN Amro and Commerzbank have proven that the additional tier one (AT1) market is wide open for business, after they clocked up more than €17bn of combined demand for their two new deals on Monday. -
Participants in the sustainable bond market are considering allowing issuers to publish their sustainability frameworks after issuing bonds, instead of before. This would be a major change in market practice.
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Berlin Hyp has launched tender offers on four of its euro covered bonds in an effort to optimise its funding costs and provide liquidity to investors. The issuer also plans a new long dated covered bond.
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Rating agency Scope beat many European agencies to the punch in adopting new covered bond rating methodology in 2015, which is today considered a standard approach. But the European Securities and Markets Authority (Esma) is fining the agency on the grounds that it failed to apply it consistently and with the regulator’s permission.
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Additional tier one capital (AT1) issuance has been conspicuous by its absence amid an incredible recovery in the bank finance market in recent weeks. Bankers now argue that new supply in the asset class could be just around the corner.
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Financial market participants have watched in disbelief this week as asset prices have kept rising, while US cities burn, unemployment breaks records, a global depression becomes more likely and the coronavirus pandemic still rages.
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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