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◆ Bank's second labeled tier two in currency this year ◆ Limited attrition ◆ Volatile energy backdrop amid Strait of Hormuz tensions
◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
Two deals could demonstrate premium between STS and non-STS non-conforming RMBS deals
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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One of the lessons from the Credit Suisse spy scandal is that there is a dearth of talent capable of leading Europe’s banks through their most challenging period. A succession crisis looms, writes David Rothnie. -
Middle Eastern banks returned to the Swiss franc market this week after an absence of almost five months with trades from two Gulf banks providing some respite for yield-starved investors.
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Pfandbriefe issued by Deutsche Pfandbriefbank on Wednesday and Hypo Tirol on Thursday struggled to find enough demand. Though spreads are not expected to widen, the deals showed investors are more discerning as uncertainty builds ahead of the European Central Bank (ECB) asset purchases, which are due to commence in November.
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Lesser-known Italian financial institutions have moved to the front of the pipeline in the financial institutions bond market, as larger and more frequent funders begin slipping into blackout periods ahead of reporting third quarter earnings.
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The European Commission has approved Greek plans to set up a scheme called Hercules to enable the country’s banks to cut their non-performing loan (NPL) exposures.
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Bank of China broke new ground for Asia this week with the region’s first floating rate bond linked to the secured overnight financing rate (Sofr). But a host of challenges around payment calculations and liquidity mean other issuers will be slower to embrace this new benchmark. Addison Gong reports.
Polls and awards
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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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