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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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Banks should be brave enough to take decisions that upset their additional tier one (AT1) investors. -
European banks are set to follow sovereign and supranational institutions and begin issuing senior bonds dedicated to fighting Covid-19 under existing ESG frameworks.
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The Canton of Geneva took its 2020 funding up to almost Sfr1.2bn ($1.2bn) this week with a triple tranche deal — the most it has funded in a single year since 2013, according to Dealogic. Elsewhere, an attractive basis for dollar funders led a pair of rare issuers to return to the market.
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French covered bond issuer Compagnie de Financement Foncier (CFF) ventured into unexplored territory at the end of last week to print the longest ever covered bond.
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Mortgage payments deferred under national payment holiday schemes, designed to help homeowners through lockdowns, are adding risk to the covered bond market. Concerns were brought into sharp relief this week when Banco BPM amended programme documentation to include such loans, writes Bill Thornhill.
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