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In terms of size, the trade surpassed its previous biggest dollar issuance of $6.5bn in November 2024
◆ Growing market depth supports wider product and issuer offerings ◆ French bank's adds senior non-preferred layer to its Kangaroo funding mix ◆ Deal mostly sold locally
LBBW's global head of corporates & DCM Patrick Seifert expects higher pre-funding in late 2026
Data
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Some evidence of green price advantage in secondary market, but not primary
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
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◆ Value versus domestic curve debated ◆ Scarce Nordic tier two supply helped trade ◆ Nordic names 'still performing during volatility' -
Subordinated deals make up a larger share of March's supply than usual
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◆ MetLife returns to euros after January print ◆ Offers high single digit premium but comes flat to dollars ◆ BlackRock next with rare refi of its only non-dollar bond
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◆ New euro deal more than 6.5 times subscribed ◆ Comes one trading day after a call and non-call decision on two dollar AT1s ◆ Visible new issue premium helps attract orders
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◆ Swedish issuer starts tight ◆ Deal lands close to recent SSA supply ◆ Seven year tenor offers investors something different
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◆ Managing the go-no go call ◆ 'Granular' conversations on social label ◆ AT1 redemptions and offsets in balance sheet
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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