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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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Chinese companies came to the international bond market in force on Tuesday, just days ahead of a week-long holiday in the Mainland to celebrate National Day. -
Investors and banks are pledging right, left and centre to fight climate change. Good for them — but the economy must get to carbon neutrality as soon as possible. This cannot be done until banks and funds refuse to fund more fossil fuels.
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Metro Bank’s failed senior non-preferred bond is rated BB+, squarely in high yield territory. But while corporates with this rating print at ever tighter yields, Metro couldn’t get its deal away even at 7.5%. Nobody expects the rating agencies to be in line with the market, but sometimes the gulf is yawningly wide.
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A run of 10 year covered bond issuance looks set to continue through to Wednesday with Bawag and Deutsche Bank announcing plans for Pfandbrief transactions. Bankers on these deals are hopeful that order book momentum improves, but some are slightly concerned that investor fatigue may be setting in.
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BBVA launched a senior non-preferred bond in the euro market this week as activity slowed after a busy period for new FIG issuance. The €1bn trade attracted orders of €1.8bn and gave investors a small new issue premium, according to a syndicate banker.
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Banco BPM spied a chance on Tuesday to issue a tier two bond to beef up its capital buffers. The Italian lender launched a 10 year non-call five deal at a 4.25% coupon — 37.5bp tighter than the initial price thoughts.
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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