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◆ First deal to release IPTs on busy day ◆ MPS M&A bid had 'no impact' on deal, says lead ◆ Priced flat to fair value
◆ Investors turning 'price sensitive' lead says ◆ Follows recent heavy supply of tier two ◆ New issue premium debated
◆ German bank had the primary market to itself on Monday ◆ More covereds issued from Germany than any other country ◆ Banker said 7bp over offered small new issue premium
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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Yes Bank has written down Rp84.15bn ($1.14bn) of its Basel III compliant additional tier one bonds, becoming the first Indian bank to have its AT1 notes bailed in. The move, together with capital injection from a group of banks led by State Bank of India, is expected to give a much-needed boost to the beleaguered firm’s capital ratio. -
The European Central Bank's new stimulus package will lower supply and boost demand for covered bonds, suggesting that ECB president Christine Lagarde will in fact 'close spreads' in the asset class. For now though, valuations remain under pressure and spreads are likely to widen in the short term.
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Markets expressed disappointment following the European Central Bank’s monetary policy meeting this week, but some analysts said that the changes made to the terms of its bank funding schemes represented a real war chest to support lending.
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Since the invention of green bonds 13 years ago, market participants have circled round the problem of what is green. There are many answers, such as the Climate Bonds Initiative's standards, but none have any official authority. That is about to change. The EU's Green Bond Standard is likely to become law before the year is out, and it could alter the market in several ways.
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The outlook for Italy continues to worsen, as both the coronavirus pandemic and financial markets rout deepened on Thursday. But essential services are functioning, in society and markets, and Italians are helping each other through the crisis, including with funding difficulties. By Jon Hay and Lewis McLellan
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JP Morgan appoints syndicate head for private markets — RBC loses M&A banker — Mizuho names sustainability head
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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