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◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
Data
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
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
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Issuer plans regular voyages to euro covered market -
◆ Both tier two deals meet receptive investors thanks to concessions ◆ Allianz goes for size with 10bp premium ◆ Swiss Re's new shorter structure cuts cost
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◆ Investors flock to tightly priced trade ◆ Next to no premium paid ◆ Sparebanken Vest is still to come
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Deal is first of its kind in Swiss francs from an Aussie issuer
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◆ Another UK name ventures into euros ◆ Market 'healthy' as credit spreads linger near lows ◆ Premiums paid on both deals
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◆ Rival bankers discuss premium paid ◆ Interim pricing stage used to test investor appetite ◆ Do investors care about attrition?
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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