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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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Investors showing a preference for rarer names and jurisdictions -
Fintech's debut note struggles after tightening on a slim book
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◆ Highly rated issuer draws demand ◆ Another low beta deal ◆ Secondary performance helps momentum
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Structure could be copied as flood risk rises due to global warming
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◆ FRN bullets favoured over callables ◆ Fixed leg targeted 'sweet spot' for investors ◆ Consensus on premium paid
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◆ Both deals almost four times covered ◆ Pair tightened by 7bp ◆ Next to no premium paid for either bond
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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