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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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◆ Boligkreditt lands deal at tightest spread in euros so far this year◆ Spread was at or very close to fair value ◆ Investors liked DNB’s ‘strong pool of high quality Norwegian assets’ -
◆ 'Insane' spread tightening ◆ Issuer lands through fair value and close to German deals ◆ Canadian and Norwegian paper priced
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◆ Solid IOIs helps Friday execution ◆ Trade the fourth sterling FABN deal this week from a US insurance company ◆ Issuer saves versus its dollar curve
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◆ German bank priced first covered of 2026 tight to fair value◆ Issuer opts for no-grow technique ◆ Speculation over how tight 10 year covereds can go
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Issuance 34% ahead of last year’s opening week
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Adam Winslow was previously Direct Line CEO
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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