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◆ Bank's second labeled tier two in currency this year ◆ Limited attrition ◆ Volatile energy backdrop amid Strait of Hormuz tensions
◆ Volkswagen Bank raises €2.5bn across three green tranches ◆ RCI Banque returns with €1.25bn dual trancher ◆ Investors turn more cautious on duration
◆ Korean covered was one of two new issues on Monday ◆ Third Korean covered bonds in three weeks ◆ Leads chose only two deals as comparables
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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Royal London Mutual Insurance Society came off the back of a successful roadshow to sell £600m of tier two debt in the sterling market this week — a small increase above the amount it had initially expected to raise. -
Banca Monte dei Paschi di Siena is getting ready to sell a new seven year covered bond in euros, in what will be its fifth deal in the currency so far this year.
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Sovcombank was in the market on Monday morning with a subordinated bond, just 10 days after the issuer’s credit rating was upgraded by two major ratings agencies.
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An explosion of international issuance in yen is being accompanied by a re-evaluation of traditional routes of access into Japanese capital markets. Euroyen deals and Tokyo Pro-Bonds are rapidly establishing themselves as viable alternatives to the Samurai bond market. Tyler Davies reports.
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An increase in the consumption tax rate will hit Japan’s economy, analysts warn. Alongside a strong yen and global growth fears, this is likely to push the Bank of Japan into further easing measures. With banks creaking under the strain of low rates, Japan’s central bank, under governor Haruhiko Kuroda, will have to concoct a delicate mix of stimuli. Reported by Jasper Cox, ahead of the Bank of Japan’s September meeting
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A surge in international bank issuance has carried on almost uninterrupted in the yen market this year, even after the Japanese Financial Services Agency raised the bar on investments in total loss-absorbing capital (TLAC).
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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