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◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker
Data
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
Late-week surge shows investors remain hungry for paper despite macro volatility
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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Market participants are again having to insist that SRT reduces systemic risks -
Regulator promises change but experts warn banks not to expect miracles
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◆ Slim book for German lender ◆ Investors hesitant over spread to SSAs ◆ Single digit concession needed
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◆ Both 2025 primary debuts are mid-range senior preferred bonds ◆ Belfius offers some premium but loses more orders than Iccrea ◆ Both deals achieve same subscription ratios
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◆ Deal attracts largest CEE euro covered book ◆ Book holds up after 'aggressive' 12bp move ◆ Bond prices through fair value, but setting the level proves tricky
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◆ First tier two in euros after Aussie AT1 phaseout confirmation ◆ European investors like what they see, even at tight valuation ◆ Some disparity between primary and secondary markets
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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