Top section
Top section
◆ 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
More articles/Bond Comments/Ad
More articles/Bond Comments/Ad
More articles
-
A financial markets legal charity has warned the UK against diverging from EU law through its transposition of the Bank Recovery and Resolution Directive (BRRD II), arguing that significant changes could increase the ‘operational burden’ on firms after Brexit. -
Bank capital funds have been recouping losses and welcoming new inflows after suffering heavily in the early stages of the coronavirus pandemic.
-
NatWest Markets has restructured its divisions and given them new leadership. It is also moving some UK corporate-focused bankers over to the ring-fenced bank.
-
The three major rating agencies have upgraded UBI’s credit rating, to be in line with Intesa Sanpaolo’s as the latter's takeover of the former concludes. Market participants are expecting UBI’s covered bond spreads to tighten as a result.
-
Banks in the EU have spent the last four years changing the terms and conditions of new issues to create a sense of certainty over how English law bonds will be treated after Brexit.
-
The coronavirus crisis has reshaped many aspects of finance, but not the line-up of top investment banks. It does appear to have pressed some firms into sharp decisions, though.
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
Sub-sections
Comment