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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars
Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks
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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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A trio of Wall Street heavyweights tapped the dollar market in size this week, with investors pouring cash into new deals. -
Bluestep Bank has issued its first covered bond and the first Swedish transaction secured on mortgages that are not prime. The deal offered a juicy pick-up to prime benchmarks, but still provided a competitive and diversified source of funding.
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Credit Suisse took a $294m hit from marking leveraged finance underwriting exposure to market in the first quarter, its results on Thursday showed, as March’s volatility and jump in credit spreads took their toll.
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Caisse de Refinancement de l’Habitat (CRH) issued the first big seven year covered bond since February on Thursday, attracting extraordinary demand and pricing in line with where recently issued French five year deals were trading. It sent a bullish signal to the market and came after a long series of French financial institution bonds that have highlighted just how practical and market-orientated the country’s banking sector has become.
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Svenska Handelsbanken and Swedbank looked to be as transparent as possible when laying out their assumptions for loan losses this week, as part of an effort to reassure the market about their resilience in the face of the coronavirus crisis.
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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