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Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
Yankee deals range from subordinated debt debuts to super long senior extensions
◆ Steady demand thanks to improved investor perception ◆ Deal pays high single digit premium... ◆ ... but becomes issuer's tightest unsecured issue for many years
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Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
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Austrian covered bond borrowers Bawag PSK, UniCredit Bank Austria and RLB Oberösterreich found a warm reception for their €500m no-grow deals this week. -
Credit Suisse became the first issuer of additional tier one (AT1) paper market in dollars this year, seizing the high levels of appetite for this asset class to print through fair value.
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BPCE, Credit Mutuel Home loan (CM-CIC) and Axa Bank issued French covered bonds this week with Axa issuing its first transaction under a new and lower rated Belgian ownership structure.
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Helaba, Deutsche Bank and Deutsche Pfandbriefbank (PBB) had little trouble accessing the Pfandbrief market this week with a series of deals that were priced flat to their curves.
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Ex-Goldman's Weber joins Middle East boutique — Giancarlo turns up at Federal Housing Finance Agency — Ferdane takes over coverage job at BNP Paribas
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The stars have aligned for Banca Monte dei Paschi di Siena following its rescue by the Italian state. It is hard to see how other banks could be so fortunate.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
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
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