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 sombre set of second quarter earnings has done little to frighten credit investors away from European banks this month. Fund managers believe the sector is well capitalised enough to withstand any reasonable shock from Covid-19, putting subordinated bonds in an ideal position to rally into the end of the year, writes Tyler Davies. -
Société Générale and Natixis have purged their senior ranks following second-quarter losses and to prepare for strategic revamps, but David Rothnie thinks the future will remain challenging for both.
-
An improvement in the cross-currency basis swap has made dollar funding look more attractive to covered bond issuers, but this is not expected to lead to higher supply with bank senior unsecured dollar paper looking the more compelling option.
-
Citi has taken market share from other banks in the past year to become one of only four that account for 60% of all secondary market covered bond volume traded on Bloomberg so far this year, thanks to a combination of devoting balance sheet to trading and having the appetite to take risk.
-
FIG market participants expect a smooth return to euro bond issuance from next week, with bankers and investors now set up to facilitate deals where ever they may be.
-
S&P has warned there is no smooth way for banks and insurers to direct proceeds from debt capital instruments towards specific green financing objectives. It recommended that these issuers instead focus on making broad commitments through their green subordinated bonds.
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