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Issuers had it almost all their own way in the European FIG market in 2025. Investor appetite for credit far outstripped supply, causing spreads to tighten along with the average new issue premium on syndicated benchmark-sized deals. Flynn Nicholls reports on the dynamics that shaped the primary market
Tighter senior-covered bond spreads could see issuers prioritising unsecured over covereds
Third deconsolidation RMBS from a UK challenger bank since November
Data
Vagueness over the future of AT1s pushes market rethink, though implementation is unlikely to come soon
Despite uncertainties even stringent European regulations are expected to be simplified amid global race to lighten the load on banks
Markets adjust to bumpy French political landscape as it mimics past Italian wobbles
Bankers say Budget may determine if FIG issuers print in sterling through December or hold off until January
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◆ Note lands close to national champion ◆ Issuer targeted price over size ◆ Deal shows Fridays are an open window -
◆ Three banks raise dollar funding with single digit premium ◆ ING moved through 'right window' to issue its first Yankee of year ◆ NatWest opts for four-part opco print
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Greater concessions nip nervousness and orderbook attrition in the bud
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It's more than gut feeling that FIG issuers should go for intermediate tenors
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Issuer plans regular voyages to euro covered market
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◆ Both tier two deals meet receptive investors thanks to concessions ◆ Allianz goes for size with 10bp premium ◆ Swiss Re's new shorter structure cuts cost
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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