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◆ 'Reassuring' result as Danish lender becomes more frequent issuer ◆ Strong bid from international accounts ◆ Minimal NIP
◆ Shorter tranche tightened more than longer ◆ Largest single euro covered tranche since 2024 ◆ Banker said longer end paid more premium
◆ Issuer chose larger order size ◆ Strong supply of five year covereds cited ◆ Seventh German covered in three weeks
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 European Banking Authority has told supervisors that they should remain ‘pragmatic and flexible’ when carrying out the supervisory review and evaluation process (SREP) for banks this year, confirming that Pillar 2 requirements could remain stable across the industry despite the risks posed by Covid-19. -
Two former bond bankers at Citi have set up a workflow and analytics platform to help improve the efficiency of debt capital markets desks at investment banks.
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UBS raised A$2.75bn ($1.96bn) with a triple tranche senior unsecured deal through its Australian branch on Thursday, printing the largest ever Australian dollar bank deal for a foreign issuer.
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South Korean investment bank Mirae Asset Daewoo Co raised a $600m bond this week, but had to navigate questions around the stability of its rating and credentials to get past the finish line.
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Surging redemptions and aggressive buying by the ECB — which is also offering issuers a cheaper funding alternative — mean a reduced supply outlook for the covered bond market and, therefore, ever tighter spreads. But higher yielding, safer alternative investments are on the horizon, meaning the asset class may soon lose its allure.
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A burst of additional tier one (AT1) supply this week showed that financial institutions will be keen to take advantage of every funding window available this summer, despite having made substantial progress on their annual issuance plans.
Polls and awards
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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
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