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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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Danish banks say they could replace non-preferred senior debt with preferred senior bonds in the second half of 2020, after Denmark’s national supervisor relaxed minimum requirements for own funds and eligible liabilities (MREL). -
Newly released data compiled by the European Covered Bond Council (ECBC) underscores the robust growth of the covered bond market, with volumes rising to €2.7tr globally over 34 countries. Volumes will have exploded again this year due to the scale of retained issuance that’s been used for central bank funding.
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A surge in repo-eligible issuance and deteriorating credit outlook for the retail and hotel commercial mortgage segments that secure some cover pools has pummelled the Pfandbrief market. This has been compounded by a lack of transparency leading to "an uneasy feeling" and ‘some uncertainty’ said bankers.
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Analysts at Société Générale say that bank credit spreads have plenty of room left to tighten in 2020, especially as supply volumes fall in the second half of the year.
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National champions have outpaced their smaller peers in the rally in bank bond spreads over recent months. Investors say individual valuations in the middle tier of the sector could pick up, but that the chances of consolidation may first have to improve.
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ICBC Financial Leasing Co chose price over size for its first outing to the dollar bond market this year, but still managed to raise a larger-than-expected $900m.
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