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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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Mortgages in covered bond pools that fall 90 days past due typically then become ineligible for inclusion and are replaced. But, the unprecedented volume of mortgage moratorium initiatives and other forbearance measures introduced in response to the coronavirus pandemic means the market must now offer a degree of latitude, which it is planning to do with the launch of new transparency measures. -
The Bank of England said on Thursday that it would be changing the way it looks at Pillar 2 capital targets, giving UK lenders more room to breathe during the coronavirus pandemic.
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Green and sustainable bond and loan financing by companies has slowed as many firms have had to deal with urgent funding needs amid the coronavirus crisis. But three companies crowded into the bond market with green deals on Wednesday, achieving blowout demand — confirming that both issuers and investors remain keenly focused on green finance. Jon Hay and Mariam Meskin report.
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European lenders are debating whether it is worth them taking advantage of new IFRS 9 transitional rules, with some market participants suggesting they will largely ignore any capital benefit gained through these sorts of relief measures.
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Issuers are starting to feel more comfortable with the new normal of wider spreads as a flurry of deals dusted the Swiss franc market, including a rare operating-company level visit from UBS.
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Issuance in the financial institutions bond market had a preferred senior flavour this week, with issuers finding this the most cost-effective funding compared with other asset classes. In addition, some of them can use it to fulfil regulatory requirements.
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