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Euro credit spreads move tighter as lone corporate deal shows appetite amid the lull
The coincidence of many 5yr covereds issued in 2022 and 10yr bonds printed in 2017 will make 2027 an especially busy year for covered bond redemptions
Secondary spreads suggest the market is ready to take on new deals, but bankers predict issuers reopening unsecured market will need to pay up
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Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
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◆ Demand sticky despite tight spread ◆ Next to no concession offered ◆ Pick-up to SSAs not a concern -
The four deals bring the ABS pipeline to six deals
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◆ QNB deal to pique Gulf interest in euro issuance ◆ Denmark develops green market with EuGB ◆ Foreign AT1s return to Aussie market
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Italy leads the charge in euros while Cabei debuts healthcare bond
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Spread convergence between EU and non-EU covered bonds will take time, but is expected
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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