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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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◆ Tuesday brought 'first proper correction' for European FIG bonds this year ◆ But NN sails ahead with tight pricing ◆ Pays some new issue premium due to worse sentiment and larger €1bn size -
◆ Athene prints £250m off £255m peak orders ◆ Spread lands at top of guidance ◆ Short-dated FRN a 'defensive trade'
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◆ Rates and geopolitical volatility weigh on investor sentiment ◆ Fast money investors show price sensitivity ◆ Low single digit premium paid
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When an investment bank splashes out on a big money rockstar hire, it’s not just a transaction or a rejig of the org chart; it’s a public statement of intent as well as a high profile bet that comes with a lot of buzz, bravado, and backbiting
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The vote to choose the leading firms and individuals in the international debt capital markets has begun
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◆ Bank of America and National Bank of Canada opt for Monday issuance in shortened week ◆ Somewhat weaker backdrop results in lower price tightening versus recent senior deals ◆ BofA boosts euro funding this year to €6.25bn
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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