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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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The bank bond market burst back into life on Monday, with BNP Paribas and Commerzbank shedding light on favourable pricing conditions in euros following the summer break. -
Danish bankers believe that Danish mortgage banks are well capitalised and do not see the need to hold more capital, as was recently proposed by the Danish central bank.
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ABN Amro has become the 18th bank to call an additional tier one (AT1) in 2020, as refinancing conditions continue to improve, despite the impact of the coronavirus pandemic.
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Additional tier ones have been left behind in a recent rally across European credit markets, leading some analysts to champion the asset class as a rare source of yield.
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Cypriot banks could start selling covered bonds for the first time in a decade if the country clarifies and strengthens its issuing framework in line with new EU standards, Scope Ratings said in a report this week.
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Rizal Commercial Banking Corp (RCBC) sold its debut Basel III compliant additional tier one dollar bond on Thursday, becoming the first Philippine bank to do so.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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