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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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BNP Paribas and UniCredit were each more than twice subscribed for new tier twos on Wednesday, as banks launched into sales of subordinated bonds more quickly than usual at the start of the new year. -
Danske Mortgage Bank, Santander UK, Raiffeisenlandesbank Hypothekenpfandbrief and UniCredit Bank AG were marketing covered bonds on Wednesday, steering well clear of negative yields by tapping into healthy demand for long dated assets.
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There was no let-up in the barrage of new bond supply from financial institutions in the middle of the week, as issuers put their bets on investors caring more about putting their cash to work than getting caught out by political risks.
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The noise about how capitalism is changing to a system in which social purpose is restored to the centre of companies' and investors' aims is now deafening. But look below the surface and the actual governance record of many companies and investors is dreadful. Most shareholders are too supine even to defend their own rights.
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The Sonia-linked covered bond market is showing signs that it is 'maturing', with Commonwealth Bank of Australia launching a new deal in the format on Tuesday and Coventry Building Society looking to follow in the footsteps of two of its compatriots early in 2020.
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The euro market welcomed as many as nine new unsecured bonds from financial institutions on Tuesday, as the sector made a roaring start to the year. Attention is now turning to secondary market performance, as bankers look to see how the market absorbs the boom in supply.
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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