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◆ Lead says shorter tranche demand lower than expected ◆ NIP paid at 'upper end' compared to recent deals ◆ Market slows for this year's Covered Bond Congress
Spuerkeess, Fairstone Bank of Canada and Evangelische Bank issued mandates for debut bonds
◆ Deutsche goes big as with AT1 ◆ Third AT1 in a row underlines a conducive market for strategic capital funding ◆ Pays premium, but spread pushed under 400bp
Data
Higher new issue premiums make deals shine amid market volatility
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
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Ecobank Transnational, the pan-African banking group based in Togo, has set the yield for a $400m five year bond at 9.75%. The size indicated is at the lower end of the $400m-$500m range it suggested earlier in the day. -
This week the US Federal Reserve side-stepped the question of whether it should apply new liquidity and capital rules to the US branches of foreign banks, publishing proposals that instead focused on tailoring requirements for their intermediate holding companies (IHCs).
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Nykredit has published a green bond framework and intends to issue its first green covered bonds, in floating rate Danish kroner and Swedish kronor, in May. The benchmark deals are expected to qualify for the best capital and liquidity treatment.
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Singapore’s United Overseas Bank this week set a new benchmark after the country introduced an enhanced bank resolution regime allowing the statutory bail-in of subordinated debt. Addison Gong reports.
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Bank of China sold another blockbuster Belt and Road transaction on Wednesday, raising $3.8bn across eight tranches of notes in five currencies across five bank branches, It was the largest transaction sold under the BRI label.
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Commerzbank analysts had been expecting a “very constructive market” in Swiss francs this week, bolstered by supportive cross-currency swaps and an uptick in the secondary market. It is questionable, however, if anybody foresaw the explosion of volume on Tuesday, when more than Sfr1bn ($997m) of new issuance had been priced by early afternoon.
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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