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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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DCM officials were encouraged to see investors piling into new non-preferred senior bank bonds on Tuesday, as BBVA, Crédit Agricole and Credit Suisse combined to reopen the market. Borrowers have been willing to offer extra spread to investors at the initial price thoughts stage. -
Issuers rushed to open the euro covered bond market this week. Trades from ABN Amro, Erste Group and LBBW showed that investors are ready to put cash to work, but higher new issue premiums suggested that issuers were taking a 'conservative' approach at the beginning of the year.
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BNP Paribas and Danske Bank were looking to raise non-preferred senior debt in the sterling market on Tuesday, with the cost of funding in the currency having fallen into line with euro pricing levels.
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Leeds Building Society opened books on Monday for its second Sonia-linked covered bond. The trade benefited from an ‘unparallelled’ level of demand, reaching almost four times its £600m size.
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Rabobank opened books on its first ever non-preferred senior deal in sterling on Monday, as it sought to take advantage of a general lack of a supply in the currency over the course of the last couple of months.
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UK Finance has said that the array of different regulatory requirements for firms is increasing operational risks, with the approach to solvent wind-downs one example of regulators contradicting each other.
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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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