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◆ French bank issues its first euro AT1 in three years ◆ Deal lands flat to fair value, according to sources away ◆ UBS prepares its second Australian dollar AT1 after September's market reopener
◆ Deal unaffected by Japanese macro volatility, lead said ◆ Aggressive pricing led to heavy long-end attrition ◆ Continuing trend of heavy supply for dual tranche holdco senior trades
◆ Issuer finds window between political volatility and supply onslaught ◆ Deal sets record low spread for callable sterling senior bail-in debt ◆ Investors remain on board despite tight price
Data
Post-earnings issuance surged with borrowers taking advantage of tight spreads to raise more than $14bn in early February.
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
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◆ Swiss bank's first covered since January 2025 ◆ Only new covered bond anywhere on Monday ◆ Pricing comfortably inside fair value -
UK credit card lender extended its warehouse in the leadup to its public ABS master trust debut
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◆ La Banque Postale increased size during execution ◆ French bank’s first covered since October 2025 ◆ French bond was only covered bond priced on Friday
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Corporate flow picks up with first foreign trade offering attractive yield
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Conversations with issuers could start in the third quarter of this year
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Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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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