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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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◆ HSBC prints A$1.5bn into 'growing market' ◆ Banco Santander lures buyers amid value vs euros ◆ Aussie market 'more appealing' -
Exceptional moves in rates could impact relative value across the FIG capital structure
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◆ Deal the first publicly placed UK covered bond secured on buy-to-let mortgages ◆ Saving spotted versus RMBS ◆ Low double digit pick-up needed over prime UK paper
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Scope Ratings can benefit itself and the market by providing a different view at times of strong divergence
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Credit market conditions strong as rates demand slows
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Swedbank’s corporate finance and DCM high yield teams move to renamed entity
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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