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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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Banca Farmafactoring, an Italian financial institution with a specialism in factoring services, is preparing its first rated offering of debt in the capital markets after spying an opportunity to take advantage of ‘favourable’ conditions for issuance. -
Hypo Tyrol Bank mandated leads on Wednesday for a €500m seven year, to be launched on Thursday.
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The Inter-American Development Bank has published a report promoting the use of covered bonds as a funding tool for green developments in Latin America and the Caribbean. But it remains to be seen whether risk-averse covered bond investors are ready to take the plunge into emerging markets — particularly given regulatory hurdles in the swaps market.
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South Korea's Shinhan Bank has taken its first step into the euro bond market, raising €500m of green funding on the back of €650m of demand.
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Santander Consumer Bank was more than three times subscribed for a tightly priced €500m five year preferred senior bond this week — its second offering in the asset class.
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Davide Serra, founder and chief executive of Algebris Investments, presented a bullish case for financials on Tuesday, on the basis that their equity prices have been less manipulated by central bank asset purchase programmes than institutions in other sectors. But he thought that the European Central Bank (ECB) will end up buying banks’ senior unsecured bonds.
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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