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◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
Data
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
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◆ Hungarian bank brings subordinated debut ◆ Order book allowed 50bp of spread tightening ◆ Absence of senior deals led to 'some surprise' -
Non-UK names offer sterling investors depth and diversity
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◆ BNPP 'gives the market what it wants' as it raises more with longer, lower ranking tranche ◆ Market receptive to big senior deals ◆ Third French deal in three days
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◆ Dutch bank pays slim premium ◆ Defensive trade ticks several boxes ◆ Three to five years 'a sweet spot' for investors and issuers
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◆ More supply expected this week ◆ Iccrea lands 2bp back of fair value ◆ Issuer's first deal for 11 months
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Long decision process leads to elevation of loan market veteran
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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