Top section
Top section
Bank issuance ranges from strategic tier one capital to insurance subsidiary funding externalisation and big senior bond offerings
◆ €500m trade twice covered ◆ Investors showing less preference for tier twos, rival banker says ◆ Low-to-mid single digit concession
◆ Receptive but crowded FIG market requires concessions for funding to clear ◆ BBVA goes big with its first SP in more than two years ◆ Bawag issues first bond after PTSB acquisition
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
More articles/Bond Comments/Ad
More articles/Bond Comments/Ad
More articles
-
Barclays gave investors a chance to buy deeply subordinated UK bank risk on Wednesday, joining a string of issuers in hitting the additional tier one market ahead of impending call dates. -
Market participants expect that bank capital valuations will rally much further in 2019, with investors reverting to a hunt for yield amid the prospect of interest rates being lower for longer.
-
China’s Minsheng Financial Leasing Co has brought loan-backed bonds back to the Asian market, reviving a structure that is rare in the region.
-
This year’s bull market in credit and equities stems from central banks trying to soften the blow of a downturn, rather than from expectations of actual growth. This irony cannot last, for reasons of economics, policy and politics.
-
Skipton Building Society has mandated leads for its first Sonia-linked covered bond. The issuer follows National Westminster Bank and takes advantage of an improvement in sentiment that followed a UK Parliament vote last week.
-
CaixaBank took advantage of strong market conditions to issue a €1bn seven year senior preferred transaction on Tuesday with strong demand allowing the issuer to price flat to its curve. At the same time, RBS opened order books for a dollar-denominated five year senior deal.
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
Sub-sections
Comment