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◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
◆Highest rated FIG bail-in paper in euros ◆ Prices level with Nordic peer ◆ Premium paid
More US banks have used callable format for opco dollar issuance this year
Data
Currency's higher yielding appeal has lured investors across the capital stack
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
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Yankee bank and insurance names took centre stage in the dollar market as US banks prepared to give their first insight into the impact of the coronavirus with the arrival of bank earnings season. -
The majority of covered bond ratings are well protected, but even so, the outlook has clearly turned for the worse as sovereign and issuer downgrades will eventually take their toll — particularly for bonds that could cross key regulatory or investment grade thresholds.
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Infrequent issuers are slowly returning to the Swiss franc market. During the past week, Eurofima brought its first Swissies deal in six years, while biotech firm Lonza printed its first bond in any currency since 2017.
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Svenska Handelsbanken was the only financial institution to issue senior debt in euros this week. The issuance came at a time Swedish banks have been granted an extension of two years to comply with regulatory targets for MREL debt, which might make a short-term dent in issuance.
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Some fear a sorry fate for European private debt funds, as small and medium-sized businesses across the continent struggle to stay afloat amid the devastation caused by Covid-19. Symon Drake-Brockman, founder and managing partner of Pemberton Capital Advisers, one such private debt fund, spoke to GlobalCapital’s Silas Brown about the pandemic and the prospects for private credit in its wake.
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Market participants are expecting a gigantic take-up in the next round of the European Central Bank's Targeted Longer-Term Refinancing Operations (TLTRO III), after the central bank said that it would accept a much broader range of assets as collateral in the scheme. Smaller banks are likely to be among the biggest winners, with the new criteria helping them to look after their liquidity coverage ratios.
Polls and awards
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
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
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