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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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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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
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Lloyds Bank decided to tender some of its covered bonds in three major currencies this week in what it called a “prudent approach” towards its liquidity base. The move could prompt more issuance in the asset class this year in an effort to refinance some of the tendered securities, but it could also decrease liquidity at the short end of the curve, given the cheaper refinancing alternatives open to banks. -
Bank of East Asia (BEA) sold the first Basel III compliant tier two dollar bond in Asia since the global outbreak of Covid-19. It raised $600m on the back of a book that was more than 8.5 times oversubscribed at its peak.
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A series of comeback trades has established firm demand for every debt class in the bank bond market. With credit spreads moving another leg tighter this week, issuers must now consider whether they have a precious opportunity to wheel out their riskiest transactions with the coronavirus pandemic still threatening society and capital markets. Tyler Davies reports.
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European banks are expected to hit the dollar market in force over the coming weeks as they look to take advantage of an extended rally in spreads.
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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