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◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
◆ Small NIP enough to attract strong bid for long tranche ◆ Investors get selective amid volatility ◆ Commerz fills out its curve with two points
◆ Issuer's largest covered deal at its tightest spread ◆ Banker said Korean lender is ‘well-liked’ by investors ◆ Pricing seen at fair value despite 'scarce liquidity' in secondary curve
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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◆ New issue and tender help shave 40bp off price ◆ Pricing comes inside fair value but RBI trades wide within Europe's banking sector ◆ Bawag preparing green senior preferred -
◆ Issuer starts wide of EU to attract demand ◆ 'Solid' backing for longest covered bond since June ◆ Has to leave 'elevated' premium
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◆ ABN senior preferred green draws 'respectable' book ◆ LBP finds French risk aversion ◆ Danske FRN has slim subscription
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◆ European banks' recent AT1s encouraged issuance as they continue to perform ◆ French bank issuing a day after calling a $1.25bn AT1 ◆ More dollar issuance due from EM banks
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Jarring, disengaging virtual meetings may have supplanted elite airline status and globetrotting at will for investment bankers. But this is an industry where the smartest adapt, and will make the best of both
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◆ Debate over concessions on non-preferred dual trancher ◆ Longer end draws smaller book ◆ Spar Nord Bank debuts green bond
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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