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◆ First FIG sterling deal in a month ◆ 'Staggering' £4.2bn book from global accounts ◆ Door open for future sterling issuance
◆ Issuer took advantage of attractive euro funding levels ◆ 'The best quality name you can buy,' lead says ◆ Premium paid
Spreads are back at pre-Iran war levels, but still offer a premium to western Europe
Data
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
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◆'Bombastic' day for issuance ◆ Leads 'happy' with 5bp-7bp of concession paid ◆ Compression trend in Italian banks, lead says -
First BBB SRT transaction to include another investor
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Latest in sequence of senior hires as bank broadens DCM business
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◆ Greek bank's first deal of the year ◆ Issuer took advantage of an empty market ◆ Priced with 5bp-7bp of new issue concession
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◆ German bank lands flat to fair value ◆ Order book closes at over two times covered ◆ Deal NordLB's first in almost a year
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Concessions have tightened for both capital and senior trades, as technical conditions favour FIG issuers
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
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