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◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
◆ Italian bank landed price and size with latest offering ◆ Covered was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium
Data
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
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
Late-week surge shows investors remain hungry for paper despite macro volatility
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◆ Deal follows $8.8bn HSBC senior issuance ◆ US-China trade deal lifts sentiment, points to more tier two and additional tier one deals ◆ HSBC pays no premium -
◆ 'Gangbusters' outcome as books hold ◆ Mix of accounts hunt for senior paper ◆ Jyske Bank prices senior non-preferred
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◆ UBS's covered programme now 'well-known' a year after launch ◆ Investors like the chance to pick up triple-A rated Swiss risk in euros ◆ Premium needed for contractual structure
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◆ Tight deal proves popular ◆ Investors eager to buy seven year paper ◆ Achmea's secondary curve points to higher fair value
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◆ US gives further clues on MDB support ◆ FIG issuers face funding choices ◆ What's the point of the EU green bond standard?
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Almost Sfr3bn printed in first week of May as Swiss franc mart shakes off tariff spectre
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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