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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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Investors on the hunt for spread and yield, as market adjusts to lower interest rates -
◆ Landesbank delays covered funding as it prints second senior preferred three months after debut ◆ Varying views on concession, minimum 5bp paid ◆ Strong backing by German bank investors
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◆ Italian bank overcomes slower day in primary with first FIG dual tranche deal of year ◆ Why issuer chose twin tranches ◆ Concession discussed
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◆ French bank prints third syndicated deal in just two days ◆ Frequency of visits means issuer has to pay up ◆ Euro tier two ‘better received’ than sterling tier two
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◆ Deal lands with low single digit premium ◆ Investors propel book to almost €5bn ◆ Trade already tighter in secondary
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It was the first senior preferred deal from the bank in two years
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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