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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
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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Intesa Sanpaolo was able to pick up competitive terms on a new tier two this week, after bringing a deal in the sterling market that had already been wall-crossed and underwritten by Morgan Stanley. -
Crédit Mutuel Arkéa, Deutsche Bank and Mitsubishi UFJ Financial Group this week sourced environmental, social and governance senior funding in euros, amid a shortage of supply in the format.
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Two recent policy changes from the Reserve Bank of Australia (RBA) spurred a pair of foreign banks to scoop A$3.2bn ($2.2bn) from the bond market this week. An expansion of repo-eligibility and a term funding facility for domestic banks have freed up the funds to drive the bumper deals, according to a banker at one of Australia's big four banks.
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Covered bond spreads look set to keep tightening, particularly German Pfandbriefe, said market watchers. And even though covered bond purchases under the European Central Bank’s Pandemic Emergency Purchase Programme (Pepp) have so far proved rather limited, some bankers believe this buying may increase as the institution announced a bigger than expected increase to the scheme on Thursday.
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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