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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
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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◆ Issuers add tier two debt amid lower relative cost to senior layer ◆ Danske Bank prints in euros at no premium as Nordea said to have garnered largest size locally ◆ BNPP, HSBC and Westpac target dollar market -
◆ Bankers debate negative premium ◆ Spread could have been pushed further ◆ Fast money still interested in Greek names
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◆ Aareal's first covered bond in sterling since 2021 ◆ Comps include euro covered and sterling senior unsecured bonds ◆ Issuer to buy back previous note
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◆ Bankers debate premium ◆ Minimal attrition in order book ◆ Domestic buying interest
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◆ Netherlands-focused insurer prepares to print first RT1 in its current form ◆ Sentiment for subordinated debt recovers from pre-election volatility ◆ Banorte to issue AT1 in dollars, ANZ raises tier two debt in Singapore
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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