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◆ More than €20bn of orders at peak ◆ Up to 10bp of concession on each tranche, says rival banker ◆ May push European banks to pay more to get deals done
◆ Macquarie tightened by 6bp to 27bp over ◆ Banker said this represented ‘small new issue premium’◆ Bankers said investor demand for covereds is cooling
Seniors only from BPCE, but BBVA puts full capital stack on offer
Data
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
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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Fall in Swiss franc rates tempts investors into covered trade -
◆ Order book swells to over seven times subscription ◆ Minimal premium ◆ Achmea mandates for green senior
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French senior bank bond market has been 'pretty resilient' though remains 'very sensitive' as liquidity thins
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◆ UK firm syndicates first dollar covered since July ◆ Benchmark print offers 'modest' concession ◆ Dollar supply down significantly from last year
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Charles Dickens was the architect of much of what we associate with this time of year through A Christmas Carol. Some of his other creations had a lot to tell us about how to get paid in the annual bonus round too
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◆ French bond issuers' tough time ahead as PM fights to get budget through ◆ Trump tough talk on tariffs' threat to emerging markets◆ Investors give IPO sellers the silent treatment
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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