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The covered bond market gathered in Seville to celebrate the deals, institutions and individuals that have made their mark over the past year
This year's foreign FIG issuance in dollars is already more than 7% higher than all of 2025
First defence labelled bond from outside of Europe is likely to be followed with more Canadian issuance
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The slide in French government bonds this week raises concerns for the country's banks and companies
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
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Small benchmark covered bond deals issued on Wednesday by Deutsche Bank’s Spanish subsidiary and UniCredit’s Austrian subsidiary were slow to build and priced in line with initial guidance. This led some to question whether this was due to a degree of unease with their parent groups or whether investors baulked at the pricing process. -
Danske Bank offered its senior non-preferred bond to dollar investors on Wednesday, after UniCredit raised $3bn in the format the day before.
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Spanish lender Abanca is set to market a tier two bond, seeing an opportunity to issue after several stronger market sessions. It hopes to prove that demand for sub-benchmark bank capital is still alive and kicking.
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Crédit Agricole paid a small premium to investors to launch a new short-dated floating rate note on Wednesday, adding to a flurry of senior trades from French banks at the start of the year.
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Yapi Kredi, the Turkish bank, has set the pricing for its additional tier one bond though eschewing a “traditional bookbuild process”.
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Analysts at JP Morgan believe that investors are underestimating the risk that banks will decide against calling their additional tier one instruments in the coming years, because of confusion around the reset rates that could apply past the scheduled end of Libor.
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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