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◆ Strong demand for capital supports two major banks' simultaneous deals ◆ Deutsche goes big and pays concession ◆ SG restricts size for a punchy print at fair value
FIG borrowers flood dollar markets as Westpac's SEC exit strategy pays off
◆ Issuer lands in 'the place to be' amid strong demand for covereds ◆ Achieves its largest covered book since at least 2023 ◆ After 7bp tightening the bond was spotted another 2bp tighter to erase new issue concession
Data
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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◆ UBS to price AT1 in 'on fire' market ◆ Deal to increase Swiss bank's capital under maximum allowance ◆ Dual tranche deal exposure to five and 9.5 year points -
◆ Offshore issuers targeting 6NC5 sterling senior ◆ Real money bid for sterling FIG remains ◆ Swedbank persuaded to print more
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◆ Investors flock to €300m print ◆ Bond priced flat to fair value ◆ Deal spotted tighter almost immediately in secondary
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Structured covered bond expected to offer pick up over legislative peers
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◆ Small deal attracts big book ◆ Bond prices through fair value ◆ Austrian issuer compresses spread to more liquid peers
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Covered and corporate issuers almost wholly responsible for lower volumes
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
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
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