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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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Weaker covered market could affect first securitization deals of 2025, though low supply should support spreads -
◆ CCDJ aimed to print close to recent Canadian issuers ◆ Westpac goes longer and bigger ◆ Low beta, vanilla 'can work' despite competition
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◆ Deals pricing close to fair value amid healthy demand for bank capital ◆ AIB resuscitates euro issuance with first deal in two months ◆ BBVA and StanChart go for larger dollar market
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◆ UK builder lands strong £1bn size ◆ Bankers confident more sterling supply will follow ◆ Slim premium paid, if any
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◆ Italian covered supply returns after four month absence ◆ Crédit Agricole Italia set to reopen long end of the curve ◆ Deal expected to come inside BTPs
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◆ Bank of Nova Scotia and Barclays visit sterling ◆ Pace of bookbuilding and price tightening slows ◆ Goldilocks scenario makes arb attractive
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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