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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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Yields have fallen so steeply and spreads have tightened so much in the covered bond market that the distribution of risk has become even more ‘asymmetric’ said a major asset manager, who feared bank treasury accounts would become less inclined to buy now that 10 year covered bond yields are negative. -
Some bank capital investors are positioning themselves to take advantage of volatility in the remainder of 2019, revealing their concerns that the market is overly excited about the prospect of a new quantitative easing (QE) programme in Europe.
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UBS Group skirted volatility in global financial markets to issue an 11 year non-call 10 year senior unsecured bond in dollars on Tuesday. The Swiss lender offered a small premium to investors, with a final spread of 140bp over US Treasuries.
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HSBC has said that it will look to raise additional tier one (AT1) capital in the second half of 2019, as investors point to 10 or more issuers that could refinance securities in the next six months.
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FIG bond investors are showing signs of become more risk-averse at the beginning of August, with bank bond spreads widening amid questions about the health of the European economy.
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HSBC will grandfather its discounted perpetual (disco) bonds after all. Its decision last year to declare the securities to be fully eligible as tier two capital angered some investors: it has now backtracked after the introduction of new capital rules, although they will lose eligibility at a later date.
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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