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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
Data
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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ABN Amro has ended a three week hiatus in the euro non-preferred senior market, launching a new deal on the back of a strong rally for bank credit spreads. -
Nykredit tapped its 1% callable covered bond due 2050 on Wednesday to take it up to Dkr100bn (€13.4bn), making it the biggest long-dated covered bond ever publicly issued in Europe and highlighting the availability of long-dated funding for banks looking for alternatives to the glut of central bank liquidity made available to fight the economic effects of the coronavirus pandemic.
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The recent maturity of a large Nokkie line released NOK9bn ($904.5m) into the market last week, with some foreign investors eager to reinvest in attractive short end paper.
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Banks want to position themselves as ahead of the curve on sustainability. They are among the most sophisticated, well resourced, IT-savvy organisations in the world. Why can't they work out the carbon footprints of their portfolios?
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BPCE attracted more demand from more investors than any other French covered bond issued in at least eight years when it launched its first green covered bond on Tuesday. The outcome sent a strong signal to other borrowers seeking cost-effective, long term funding that central banks do not offer.
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The European Insurance and Occupational Pensions Authority (Eiopa) said this week that risks were rising for the insurance industry amid the coronavirus pandemic. It warned of a ‘double hit’ to firms, which are facing pressure on their assets and liabilities at the same time.
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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