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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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Fitch cut the ratings of four Italian banks this week, triggering underperformance in the market and pushing some non-preferred senior bonds into speculative grade territory. -
UniCredit began the year with a new template for growth but is now simply trying to help support clients through the crisis, while hoping that the deeper relationships being forged will endure, writes David Rothnie.
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The European Central Bank said this week that it wants to be ‘pragmatic’ with its supervisory review and evaluation process (SREP) this year, keeping Pillar 2 capital requirements at stable levels for banks amid the coronavirus crisis.
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Banks are spying new opportunities with green and social bond funding, with the asset classes having outperformed in the credit markets during the coronavirus crisis.
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Banco BPM’s has amended its covered bond documentation to include loans affected by Italy’s mortgage moratorium in the asset coverage test (ACT), highlighting the challenge to transparency caused by discrepancies between issuer's programmes — even within the same country.
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Luca Bertalot, secretary-general of the European Mortgage Federation-European Covered Bond Council (EMF-ECBC), speaks to GlobalCapital about the covered bond market living up to its reputation, the ECBC’s Covid-19 task force and monitoring report, transparency enhancements, the scope for a revival of the public sector market, and how green European Secured Notes (ESNs) and covered bonds secured on energy efficient mortgages could be flagships in Europe’s economic recovery.
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