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Euro credit spreads move tighter as lone corporate deal shows appetite amid the lull
The coincidence of many 5yr covereds issued in 2022 and 10yr bonds printed in 2017 will make 2027 an especially busy year for covered bond redemptions
Secondary spreads suggest the market is ready to take on new deals, but bankers predict issuers reopening unsecured market will need to pay up
Data
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
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European and high yield chiefs to take the reins -
◆ Simplification plans boggle banking boffins ◆ Hungry, hungry hyperscalers to push utilities into bond market ◆ A loan in the sand: private credit jostles for place in Middle East debt markets
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Volumes rose 6% year on year
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Vagueness over the future of AT1s pushes market rethink, though implementation is unlikely to come soon
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French bank pre-funds with AT1 capital outing as US FIG annual supply tops $757m
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Clearstream and the VDP are working together to get system working by end of 2026
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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