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The slide in French government bonds this week raises concerns for the country's banks and companies
Budget crisis may give way to election agony
◆ OAT rout puts French borrowers in awkward spot ◆ Sterling FRNs: a popular underdog ◆ Emerging market secondary bonds lose relevance
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
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Volksbank Wien abandoned its plans to sell its first additional tier one transaction this week after being met with limited demand in the euro market. -
Yankee banks continued to dominate the high-grade calendar as lenders from across the globe teed up benchmark deals.
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New issuance from the Middle East has soared since the end of August and now banker and investor attention is turning to how much more is to come from the region and how much capacity the market has to absorb it, especially with a sharp rise in US Treasury yields this week.
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The Spanish covered bond market faces a day of reckoning now that the European Central Bank will be buying a lot less of it leading Barclays analysts to recommend investors look elsewhere. However, others say Cédulas supply is likely to remain limited through the course of next year, and given the market’s "terrible liquidity", executing any trade ideas in the secondary is likely to prove a non-starter.
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Mizuho Financial Group came to the market on Thursday with a five year senior bond in euros, just as Mitsubishi UFJ Financial Group did on Monday. This week’s Japanese supply has taken the year’s total to a new record.
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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