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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks
◆ Infrequent issuers achieve tight pricing... ◆ ...but lose a third of orders ◆ Investors may demand more NIP on deals from next week
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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
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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Euro area banks are expected to make use of the relaxation of their Pillar 2 capital requirements by issuing more capital instruments in the coming months, following the example set by Deutsche Bank this week. -
Fitch cut the ratings of four Italian banks this week, triggering underperformance in the market and pushing some non-preferred senior bonds into speculative grade territory.
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UniCredit began the year with a new template for growth but is now simply trying to help support clients through the crisis, while hoping that the deeper relationships being forged will endure, writes David Rothnie.
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The European Central Bank said this week that it wants to be ‘pragmatic’ with its supervisory review and evaluation process (SREP) this year, keeping Pillar 2 capital requirements at stable levels for banks amid the coronavirus crisis.
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Banks are spying new opportunities with green and social bond funding, with the asset classes having outperformed in the credit markets during the coronavirus crisis.
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Banco BPM’s has amended its covered bond documentation to include loans affected by Italy’s mortgage moratorium in the asset coverage test (ACT), highlighting the challenge to transparency caused by discrepancies between issuer's programmes — even within the same country.
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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