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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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The covered bond market is likely to get its first glimpse of renewed European Central Bank participation in the primary market next Wednesday, which could help crystalise opinions on the spread outlook for the product. -
Investors have been keen to lock in the money they made in the FIG bond market this year, rather than add new risk. This week, Rabobank added a green element to its latest bond in an attempt to encourage investors out of their shelters.
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Russian consumer finance bank Home Credit & Finance Bank has hit the road to market a rare AT1 in a deal that could be a test of emerging markets investors’ risk appetite for less vanilla deals.
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India’s non-banking financial companies have been under fire for the past year, after the collapse of Infrastructure Leasing & Financial Services (IL&FS) in 2018 spooked investors and dragged down the sector. But Muthoot Finance, a gold financier, proved this week that some capital-starved NBFCs can still find an audience in the international bond market. Morgan Davis reports.
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A rise in the Swiss swap curve and an improvement in cross-currency dynamics helped momentum created by a well-received Citi trade last Friday to be carried over into this week. Three familiar FIG names returned to the market on Monday, including Chile’s Banco de Credito e Inversiones (BCI).
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Regulatory constraints could be eased for securitizations of non-performing loans (NPLs), according to a European Banking Authority (EBA) opinion paper published on Wednesday.
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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