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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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Banco Santander has followed through on its commitment to call an additional tier one (AT1) bond, after extending the life of the instrument a number of times in 2019. The decision comes as favourable market conditions increased the likelihood that issuers will choose to refinance their contingent capital securities this year. -
The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line.
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The only thing missing from a stellar start to 2020 is a capital transaction from Italy’s Banca Monte dei Paschi di Siena.
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Covered bond issuers Bawak PSK and Helaba have mandated leads for deals that are likely to be launched on Wednesday — signalling a slackening in Tuesday’s much faster pace.
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BPCE took the lion’s share demand for the six covered bonds issued on Tuesday with its stand out two-part offering that was priced flat to the curve — along with other deals from OP Mortgage Bank, Deutsche Pfandbriefbank, UniCredit Bank Austria and Axa Bank Belgium, which issued its first transaction under a new and new and lower rated ownership structure.
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Banco BPM did not need to pay a new issue premium to follow UBI Banca with the sale of an additional tier one (AT1) on Tuesday, as Italian banks make the most of an 'issuer's market' at the beginning of 2020.
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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