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Europe’s regulator proposes preserving capital requirements while trimming the complexity that hampers cross-border M&A
UK borrower goes alone on Thursday following FOMC rate hold
Despite a strong year for euro covered bond issuance more broadly, volumes from France are way down on last year
Data
Europe's regulator seeks to reduce complexity while 'preserving banks' resilience and resolvability'
Currency's higher yielding appeal has lured investors across the capital stack
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
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The Bank for International Settlements published a paper this week in which it suggested that supervisory authorities might need to introduce ‘prudential backstops’ to ensure that banks are valuing Level 3 assets appropriately. -
Qatar National Bank has tightened price guidance for its second international bond of this year and books are already in excess of 3bn for the $1bn-maximum trade.
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Covered bond investors are optimistic about the outlook for their market, with one big buyer telling GlobalCapital on Wednesday that it still offers good relative value. And, with ECB demand much higher than last year, the market still has scope to perform.
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Generali Investments and BNY Mellon have both set up new funds to invest in green and sustainable bonds, in euros and sterling respectively.
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Santander UK was set to issue the first ever covered bond linked to Sofr on Tuesday, as part of a dual-tranche offering that established a number of other firsts. The deal included the first 144A dollar covered bond from a UK issuer since 2012, the first seven year covered deal linked to Sonia, and it also marked the first time that a borrower has sold dollar and sterling covered bonds simultaneously.
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Caffil found good demand for a tightly priced €750m 20 year covered bond on Tuesday — the longest maturing deal issued by a core European bank so far this year. Hamburger Sparkasse was able to launch an eight year Pfandbrief benchmark in the same window, also without giving away much of a premium.
Polls and awards
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
Don't miss your chance to choose this year's Bond Award winners
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