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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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GlobalCapital has put together a series of infographics looking at the financial institutions bond market in 2018 and in the year ahead. -
After several years of very favourable conditions in new issue markets, 2018 has turned into something of a bitter pill for financial institutions. A sharp repricing of risk pretty much wiped out investment returns for many funds, as the market faced up to concerns about global growth, the end of QE and the rise of populism in mainstream politics. This backdrop made life extremely difficult for issuers and bookrunners wanting to make the most of the primary market. GlobalCapital wanted to reward the new issues that achieved stand-out results for issuers, in terms of pricing, execution and timing. The winners are presented here:
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As central banks retreat from public markets, spreads are widening in dollars and euros, and cross-currency basis swaps are improving for international borrowers, Swiss bankers believe the good times might be returning to a market once known the world over for diversification and arbitrage.
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Caius Capital and UniCredit have settled a dispute over a hybrid capital instrument issued by the latter. Caius will pay the bank an undisclosed sum, after UniCredit sought around €90m of compensation for damages back in August.
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The result of the 2018 European stress test for insurers showed that firms are sensitive to both high and low yields, with some failing to meet their solvency capital requirement (SCR) under the tested scenarios. But natural catastrophes were less of a threat to balance sheets.
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The European Central Bank fears that proposed changes allowing banks to use additional tier one debt to meet Pillar 2 capital requirements would weaken their resilience to stress and put smaller institutions at a disadvantage.
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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