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◆ Foreign and domestic banks find 'strong' liquidity in Australian dollar market ◆ TD achieves several bests for a Canadian senior Kangaroo ◆ Crédit Agricole eyes funding next with 6NC5 bail-in structure
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
Data
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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◆ First euro AT1 since end of June follows dollar trades ◆ Lower tier issuer no hindrance to demand ◆ Spanish bank achieves its biggest AT1 at almost no premium
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◆ Scotia moves quickly to tap resurgent sterling market ◆ Trade lands through CIBC and flat to fair value ◆ Confidence returns to sterling covered investor base
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Afme applauds proposed reforms, but some want bigger boost for non-STS and subordinated tranches
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Banks are taking back control after Covid
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◆ Dutch issuer has raised €1.5bn in three trades ◆ Deal priced near fair value ◆ Trade timed to avoid French political volatility
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Al Rajhi offers tier two social sukuk, Doha Bank a senior five year
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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