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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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◆ Rare senior non-preferred appearance helps attract demand ◆ Issuer expected to be more frequent in sterling after Virgin Money acquisition ◆ Deal lands flat to fair value -
At least one deal expected next week as issuers prefer unsecured bonds instead
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◆ New issue concession debated ◆ Rival bankers highlight premium to private placement ◆ Tuesday expected to be 'super busy'
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◆ LBBW to price senior FRN soon ◆ A Friday euro FIG deal ‘cannot be ruled out’ ◆ Crédit Agricole makes ‘smart move’ to tap US dollars
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Senior could be in vogue for issuers amid covered weakness but bankers find reasons for optimism and seek first mover
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DCM team responded to issuers’ heightened need for advice on capital this year and plans to expand in this competitive area
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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