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Euro credit spreads move tighter as lone corporate deal shows appetite amid the lull
The coincidence of many 5yr covereds issued in 2022 and 10yr bonds printed in 2017 will make 2027 an especially busy year for covered bond redemptions
Secondary spreads suggest the market is ready to take on new deals, but bankers predict issuers reopening unsecured market will need to pay up
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Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
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Vantage and EQT have set initial pricing for UK data centre ABS tap and euro CMBS -
The Fairbridge 2025-1 transaction is a huge leap in the right direction for bringing the asset class to the public RMBS market
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◆ Deal is the year's largest single tranche covered bond ◆ Order book reached €3.5bn by mid-morning ◆ Banker said covered bond market 'getting trades done at size'
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◆ Italian bank amasses €3bn-plus book for second covered of 2025 ◆ Bond issued at 45bp in line with Italian BTPs ◆ Bank said order book improved through the morning
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◆ UK regional lender refinances AT1 from 2021 ◆ £650 final book ◆ Market participant predicts wind down of 2025 primary issuance beginning
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◆ Gilt market wobbles again ahead of UK Budget ◆ Investors pile into highly rated credit ◆ Wise makes sterling bond debut
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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