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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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◆ Issuer changes pattern of Tuesday's dual tranche deals ◆ Cheaper relative funding cost at front end prompts FRN ◆ Bank's first senior euro foray of 2025 -
◆ Issuer happy to print more at tight price ◆ Single digit premium paid ◆ Australian covered spreads hold firm
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Former JP Morgan DCM head and RBS treasurer join as special advisors to multilateral defence funder
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The awards recognise the market's leading deals, issuers, banks and other participants
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◆ Bond secured against a pool of export credit agreements ◆ Santander gets biggest bid-to-cover ratio since March ◆ Deal lands flat, if not through, fair value
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Bank continues to build in priority area
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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