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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
Four banks brought dual tranche covered bonds in two days this week, to avoid being squeezed in congested market
Data
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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Independent external auditors are looking into whether the European Commission has been successful in its work towards creating a capital markets union over the last five years. They are set to publish a report containing their recommendations for the project in 2020. -
Luminor Bank is likely to issue the debut Estonian covered bond in the first quarter of 2020 according to the bank’s head of treasury, Max Ehrengren. Although the programme will have capacity to issue deals secured on Lithuanian and Latvian assets, the inaugural transaction will be exclusively secured on Estonian assets.
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Infrequent issuer Toyota Industries Finance International revisited the MTN market at the end of last week to place its second euro floater of the year. Meanwhile, in dollars, a trio of emerging market banks have printed fixed and floating rate paper in the last week.
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Sumitomo Mitsui Banking Corporation (SMBC) is expected to open order books on Tuesday for a dollar and euro covered bond. Deutsche Kreditbank will follow with its social Pfandbrief on Wednesday. Credit Mutuel Arkea will see investors with plans to issue its first public sector covered bond.
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LBBW had enough support from investors to price a new additional tier one (AT1) with hardly any new issue premium on Monday, having been pushed into entering the asset class for the first time as a result of recent changes to the rules on bank capital in Europe.
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Berlin Hyp on Monday launched its first preferred senior bond in green format. The German issuer chose a 10 year maturity and quickly attracted orders, supported by an investor community that follows the bank’s frequent green issuance.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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