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Euro credit spreads move tighter as lone corporate deal shows appetite amid the lull
The coincidence of many 5yr covereds issued in 2022 and 10yr bonds printed in 2017 will make 2027 an especially busy year for covered bond redemptions
Secondary spreads suggest the market is ready to take on new deals, but bankers predict issuers reopening unsecured market will need to pay up
Data
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
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Issuers had it almost all their own way in the European FIG market in 2025. Investor appetite for credit far outstripped supply, causing spreads to tighten along with the average new issue premium on syndicated benchmark-sized deals. Flynn Nicholls reports on the dynamics that shaped the primary market -
The European FIG market rode through 2025 on high demand for credit, providing bank issuers, large and small, with extremely advantageous funding conditions. Although investors have also benefitted from strong secondary market performance, as Atanas Dinov reports, that equilibrium may change in 2026, with anticipation mounting that spreads will widen
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With a relentless flow of cash into credit markets this year, almost every borrower could be said to have done well. But some issuers stood out for their ability to establish new footholds in certain markets that have since paved the way for peers
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The most senior debt capital markets bankers across the Street appear to be an optimistic bunch heading into 2026. In GlobalCapital’s survey of the heads of DCM, Ralph Sinclair discovers upbeat expectations for volumes, pay and hiring and asks how tech is reforming the business
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The Australian dollar bond market’s growth has propelled it to be the third most important funding currency for some international bond issuers. Its ability to offer investor diversification and arbitrage funding is attracting an increasing number of issuers from spread-conscious SSAs to banks and companies seeking strategic capital, write Sarah Ainsworth and Atanas Dinov
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Banks are engaging in increasing amounts of M&A. UniCredit’s pursuit of Commerzbank is the biggest long-running saga in the sector, but elsewhere banks are picking each other off and adding to their portfolios with regulation, falling interest rates and EU efforts to deliver a single market the main drivers, writes Arthur Bautzer
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
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