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◆ French bank issues its first euro AT1 in three years ◆ Deal lands flat to fair value, according to sources away ◆ UBS prepares its second Australian dollar AT1 after September's market reopener
◆ Deal unaffected by Japanese macro volatility, lead said ◆ Aggressive pricing led to heavy long-end attrition ◆ Continuing trend of heavy supply for dual tranche holdco senior trades
◆ Issuer finds window between political volatility and supply onslaught ◆ Deal sets record low spread for callable sterling senior bail-in debt ◆ Investors remain on board despite tight price
Data
Post-earnings issuance surged with borrowers taking advantage of tight spreads to raise more than $14bn in early February.
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
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◆ Limited attrition and premium deemed success ◆ Issuer offered ‘something a bit different’ on busy day ◆ New bond aimed at early refinancing -
◆ French leasing company Ayvens limits book attrition ◆ Signs other FIG issuers ‘becoming less aggressive’ when pricing ◆ BNP Paribas adopted similar strategy
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◆ Orders hold to finish several times subscribed ◆ Premium level debated ◆ Investors lured by attractive spread and rating
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◆ French bank offers premium to investors to attain size target ◆ Deal is the tightest and longest French euro tier two in 2025 ◆ Rare Ibercaja also goes longer than the norm
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◆ Note is the issuer’s first in euros since 2022 ◆ Slim pick-up paid over larger peers ◆ Little impact from upcoming merger
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◆ Deal is TSB’s second in euros ◆ Minimal concession paid ◆ Bond offers single digit spread over UK peers
Polls and awards
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
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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