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◆ 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
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ABN Amro has ended a three week hiatus in the euro non-preferred senior market, launching a new deal on the back of a strong rally for bank credit spreads. -
Nykredit tapped its 1% callable covered bond due 2050 on Wednesday to take it up to Dkr100bn (€13.4bn), making it the biggest long-dated covered bond ever publicly issued in Europe and highlighting the availability of long-dated funding for banks looking for alternatives to the glut of central bank liquidity made available to fight the economic effects of the coronavirus pandemic.
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The recent maturity of a large Nokkie line released NOK9bn ($904.5m) into the market last week, with some foreign investors eager to reinvest in attractive short end paper.
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Banks want to position themselves as ahead of the curve on sustainability. They are among the most sophisticated, well resourced, IT-savvy organisations in the world. Why can't they work out the carbon footprints of their portfolios?
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BPCE attracted more demand from more investors than any other French covered bond issued in at least eight years when it launched its first green covered bond on Tuesday. The outcome sent a strong signal to other borrowers seeking cost-effective, long term funding that central banks do not offer.
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The European Insurance and Occupational Pensions Authority (Eiopa) said this week that risks were rising for the insurance industry amid the coronavirus pandemic. It warned of a ‘double hit’ to firms, which are facing pressure on their assets and liabilities at the same time.
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