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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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◆ FRN concessions have jumped as much as 30bp ◆ Bankers question if European banks need to pay similar NIPs ◆ Euros could offer 'steadier market' for US banks -
Austrian bank will not call its AT1 with the lowest reset rate but it will redeem another it had been extending since the eruption of the war in Ukraine
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Issuers are not under pressure to rush into a volatile market
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Demand up since 'liberation day' as French firms satisfy bid for quality
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◆ Running a bond business in a crisis ◆ Bank issuers find their way back into the bond market ◆ Can frontier emerging market sovereigns fund themselves?
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Market welcomes the move, but the tone around non-UK covered bonds is set to remain 'cautious'
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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