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This year's cumulative total issuance by financial institutions outstrips 2025's levels
◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year
◆ Spanish covered was only new issue on Wednesday ◆ Tenor has been well-issued in past week ◆ Banker said market to slow from here
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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Swedbank was paying less than fair value for a new euro senior deal on Friday, according to market participants, with the bank raising funding a day after publishing its first quarter results. -
Wells Fargo was set to raise €3bn of senior debt in the euro market on Friday, becoming the first US bank to visit the currency following first quarter results.
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Legal & General and Phoenix Group Holdings have lifted the lid on subordinated bond supply in the sterling market this week, with spreads having drawn tighter despite uncertainty about the impact of the coronavirus pandemic.
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The European Mortgage Federation and European Covered Bond Council has introduced new features to its harmonised transparency template (HTT) and, at the same time, its Covid-19 task force has published the first monitoring report that contains a comprehensive and up-to-date picture of all national and international policy responses.
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A slide in euro and dollar MTN volumes has given Scandinavian banks the chance to propel themselves up the MTN leader board.
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Kookmin Bank has become the first issuer from South Korea to sell an international public bond to combat the fallout of the Covid-19 pandemic. While virus-response deals are still just a tiny part of Asia’s debt market, bankers say it is set to grow.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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
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