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◆ French bank secures 'surprising' demand... ◆... giving the option to go big ahead of national budget ◆ Concessions debated, but higher premium and spreads lure buyers
The Canadian bank regulator has risked upsetting reciprocity talks with the EU over a cut to its risk weighting for Canadian covered bonds
◆ Best window of the week, lead says ◆ Less concession than other recent deals ◆ Danske "pretty much done" for 2026 funding plan
Data
Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
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
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Swiss investors who have been kicking their heels for the last month or so have been kept busy this week by Munchener Hypothekenbank (MunHyp), comfortably the most frequent international borrower in the Swiss franc market this year.
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Issuers and investors are rapidly coming to terms with the idea that negative yields will become a permanent feature of the financial institutions bond market. Debt capital markets officials say that it is now only a matter of time before a bank plucks up the courage to sell a new senior bond with a sub-zero yield, following examples set in the covered bond market. -
A senior bank investor buying for his firm’s liquidity coverage ratio (LCR) portfolio told GlobalCapital on Thursday that he does not fear negative yielding covered bonds. What he fears is a glut of long dated issuance that he cannot buy. But issuers remain unwilling to bring serious size with a negative yield.
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Lloyds Bank dipped into dollars for senior funding on Wednesday, a day after UBS launched a deal in the same currency. A syndicate official noted that European financial institutions are being tempted across the Atlantic amid more inhospitable conditions in the euro market this summer.
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There is a limit to what central banks can do to stop people in capital markets from reacting to their fears.
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Michael Reuther, head of Commerzbank’s corporate clients division, expects more firms to enter the bank’s "intensive care department" as economic pressures weigh on European corporates. And in his unit the cost of risk more than tripled in the second quarter, helping to shrink operating profits.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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