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◆ First two-part AT1 euro deal since Intesa's own in 2020 ◆ Funding establishes a flat curve ◆ Intesa, BNP Paribas both observe investors' reset spread threshold
◆ €500m 4NC3 EuGB deal priced inside fair value ◆ Greenium helps tighten spreads amid strong demand ◆ Landmark trade cements bank's ESG leadership, says treasurer
◆ Austrian lender completes its tightest unsecured debt since the start of war in Ukraine… ◆ …as BPM achieves its lowest ever senior spread ◆ High attrition function of premium and outright spread
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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Books were over $2.5bn in the early afternoon -
As the US doubles down on oil and gas, it's time for a radical overhaul of green finance
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◆ Eurobank raises €400m to buy back €200m of acquired Hellenic Bank's tier two ◆ OP Corporate Bank makes first appearance in subordinated euro market since 2020 ◆ Clear preference for yield prevails
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◆ Three in three days for 11NC10 after long dated deal scarcity ◆ Debate on negative concession ◆ BofA rides Reverse Yankee wave with big dual-tranche print
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◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery
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◆ Deal heavily oversubscribed, allowing for 62.5bp price compression ◆ Restarts RT1 funding for European insurance sector in an expected busy year ◆ Differing views on fair value
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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