Top section
Top section
◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year
◆ Bank issues amid heavy supply from US tech companies in euros and sterling ◆ Dual tranche structures takes the maximum volume eyed ◆ Second largest YTD volume printed by US FIG sector
◆ Second covered from issuer this year ◆ Spread consistent with last dollar covereds ◆ ‘Everyone knows where three year dollar covereds are clearing,” banker said
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
More articles/Bond Comments/Ad
More articles/Bond Comments/Ad
More articles
-
Berlin Hyp has launched tender offers on four of its euro covered bonds in an effort to optimise its funding costs and provide liquidity to investors. The issuer also plans a new long dated covered bond. -
Rating agency Scope beat many European agencies to the punch in adopting new covered bond rating methodology in 2015, which is today considered a standard approach. But the European Securities and Markets Authority (Esma) is fining the agency on the grounds that it failed to apply it consistently and with the regulator’s permission.
-
Additional tier one capital (AT1) issuance has been conspicuous by its absence amid an incredible recovery in the bank finance market in recent weeks. Bankers now argue that new supply in the asset class could be just around the corner.
-
Financial market participants have watched in disbelief this week as asset prices have kept rising, while US cities burn, unemployment breaks records, a global depression becomes more likely and the coronavirus pandemic still rages.
-
-
Intesa Sanpaolo was able to pick up competitive terms on a new tier two this week, after bringing a deal in the sterling market that had already been wall-crossed and underwritten by Morgan Stanley.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
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
Sub-sections
Comment