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◆ New deal to replace AT1 from October 2020 ◆ Resistance to tight pricing building ◆ Market watches the 300bp euro reset barrier
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ Market conditions made going ahead an "easy decision" ◆ Two-year FRN priced flat to fair value ◆ Floaters' secondary liquidity debated
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Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Late-week surge shows investors remain hungry for paper despite macro volatility
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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◆ Issuer plans regular euro presence ◆ Deal comes flat to Swedish krona ◆ Five years appeals to the deepest pocket of investors -
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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◆ Spanish bank prints senior bond duo with no new issue premium ◆ Ten year tranche may have had negative concession ◆ FRNs remain popular, in public and private forms
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◆ Investors eager to buy capital from big and smaller banks ◆ Bankinter places largest AT1 at reset under 400bp ◆ Much smaller Optima bank from Greece also debuts
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◆ Deal is Achmea's second in five weeks ◆ Investors eager to pick up no-grow deal ◆ Small premium left for performance
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◆ Trade is Polish bank's first in euros for three years ◆ Proceeds to fund upcoming maturity ◆ Periphery and non-eurozone deals used for pricing
Polls and awards
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
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
The awards recognise the market's leading deals, issuers, banks and other participants
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