Top section
Top section
◆ 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
More articles/Bond Comments/Ad
More articles/Bond Comments/Ad
More articles
-
OP Corporate Bank and Standard Chartered were looking to add to a flurry of recent tier two issuance on Tuesday. The asset class has found itself in a sweet spot in terms of its regulatory and financial value during the coronavirus pandemic. -
Deutsche Hypo took advantage of the public Pfandbrief market before the coronavirus crisis struck and since then has been busy issuing privately placed senior deals. Spreads have since tightened, which should help issuance bounce back. But ready access to favourable European Central Bank repo funding means supply will be restricted. Some parts of the German commercial real estate market are likely to be facing trouble too, but even so, Pfandbrief investors are well protected.
-
The US Office of the Comptroller of the Currency (OCC) is urging local officials to ease their Covid-19 lockdown measures, warning that some banks are now suffering delinquency rates in the mid-double digits on their small business loan books.
-
A pair of foreign banks mandated senior unsecured Australian dollar transactions on Monday: Sumitomo Mitsui Banking Corp is out with initial price thoughts through its Sydney branch, while the Canadian Imperial Bank of Commerce is preparing a Kangaroo benchmark.
-
Strong market conditions and tight spreads should encourage a few covered bond issuers to consider returning to the market in June, and though balance sheet optimisation is likely to remain the biggest driver of primary market activity, a surge in covered bond redemptions will play a critical role.
-
The Financial Conduct Authority expects that a court case determining whether UK insurers have to pay out on business interruption claims as a result of Covid-19 will be settled by the end of July.
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
Sub-sections
Comment