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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 Euro Short Term Rate may be running into the first real problem of its short life. The benchmark was designed to provide a reflection of wholesale euro overnight borrowing costs based on real transaction data. But what if there aren’t enough transactions? -
The European Commission has reached out to the European Covered Bond Council (ECBC) to make the case for reinvigorating the market for European Secured Notes. ESNs could improve access to crucial funding for Europe’s small and medium-sized enterprises (SMEs), which are struggling to recover following lockdowns imposed to contain the spread of Covid-19.
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Santander UK has been quick to price a new deal in the US dollar market after its results, making a saving over the funding levels on offer in euros or sterling.
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The European Insurance and Occupational Pensions Authority (Eiopa) has told market participants to watch out for ‘further deterioration’ in solvency capital ratios, as insurers grapple with declining asset quality during the coronavirus pandemic.
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A sudden dip in the volume of €STR transactions and the number of banks submitting data has led to market participants voicing concerns about the rate.
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Covered bond issuance usually picks up around this time of year and bankers believe next week is likely to be particularly promising. Though funding needs have generally been cut, borrowers may be tempted to move before an expected surge in competing EU government bond supply that is likely to make covered bonds look expensive.
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