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◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
◆ Italian bank landed price and size with latest offering ◆ Covered was second Italian covered bond of 2026 ◆ Banker said trade had ‘good momentum from beginning’
◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium
Data
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
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
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◆ Deal seven times covered ◆ No premium paid to fair value or govvies ◆ French investors unsure on OAT spread, others happy to buy -
◆ Huge final orders as company diversifies into euros ◆ Flat or negative concession offered ◆ Dollar and euro comparables used for pricing
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SSA spreads present the only major hurdle for rampant covered bond revival
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Recent buy-side entrants have left lasting impact on market but wave of newbies may be nearing its end
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A rush of US banks hit the primary market after full year earnings reports
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Senior issuance remains the preferred funding route for European banks despite impressive covered bond recovery
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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