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Euro credit spreads move tighter as lone corporate deal shows appetite amid the lull
The coincidence of many 5yr covereds issued in 2022 and 10yr bonds printed in 2017 will make 2027 an especially busy year for covered bond redemptions
Secondary spreads suggest the market is ready to take on new deals, but bankers predict issuers reopening unsecured market will need to pay up
Data
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
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◆ DKB returns to senior funding after four year absence ◆ First German bank to use EuGB Standard ◆ Íslandsbanki goes for duration play -
Shares fell and bonds widened without any announcements from the bank
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◆ Eight year spread set at same level to five year debut ◆ Book just about covered, leads left holding paper ◆ Some concession needed in a tricky market
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Five banks in the GCC have opened books, or plan to, on new paper this week
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◆ Investors absorb new bank capital ◆ BBVA prices at tightest euro AT1 reset spread of 2025 ◆ Eurobank returns after May AT1 debut
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◆ ING's €1bn deal top €3.4bn in orders ◆ Bank of Ireland prints tightest Irish senior since 2021 ◆ 'Very little NIP' on either trade
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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