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◆ Sixth bank in February to print long-dated SNP tranche ◆ Massive €4.3bn book drawn to 4.125% coupon ◆ Visible concession attracts investors
◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
Data
Nykredit blasts through 300bp barrier, pushing investors up the capital stack
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
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◆ Order book swells to over seven times subscription ◆ Minimal premium ◆ Achmea mandates for green senior -
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
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Bank issuers may soon reinstate long dated senior issuance in euros as long as they swallow costs of steeper credit curves
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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