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
-
Lloyds Bank and National Westminster Bank issued exceptionally well subscribed covered bonds respectively in euros and sterling on Monday as Virgin Money announced roadshow plans for its debut deal. The three borrowers took advantage of the UK Parliamentary vote to avert a ‘no deal’ Brexit. -
US company FIS is buying the formerly RBS-owned Worldpay in a debt-funded $43bn transaction, a deal that will form one of the biggest financial services technology and payment companies in the world.
-
BNP Paribas opened books on a new additional tier one in dollars on Monday, having told the market that it would be looking to raise an equivalent of €3bn of subordinated debt in 2019.
-
Bankia used €6bn of demand on Monday to launch a new senior bond at a spread that was tighter than the fair value implied by on-looking bankers. SpareBank 1 SR-Bank was also active in euros at the beginning of the week, as credit markets got off to a flying start on the back of a recent rally.
-
Credit Bank of Moscow (CBM) opened books on Monday for its return to the dollar market, taking orders for five year loan participation notes.
-
After completing a roadshow, Slovak Vseobecna uverova banka (VUB), a subsidiary of Intesa Sanpaolo, is set to issue its first euro-denominated covered bond in benchmark size.
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