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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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◆ Dual-tranche offering draws big order book ◆ Concession varied on each leg ◆ 11NC10 structure follows popular JP Morgan trade -
◆ Bankers expect much issuance of insurance capital ◆ Big redemption and capital positoning suggest RT1 preference among borrowers ◆ Achmea underlines trend as it will refi granfathered T2 with RT1
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No competition expected as investors hunger for covered paper across the curve
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◆ New issue concession required after Gilt sell-off ◆ Issuer prices close to euro curve ◆ UK asset manager demand
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If bankers face tough rules over personal investments, shouldn’t politicians too?
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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