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Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ French bank has had a busy 2026, issuing across currencies and asset classes◆ Cross-currency rates at 'optimal level' for diversification play, lead manager said ◆ Fair value debated
Very few, if any, Gulf issuers are looking at sterling bonds
Data
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
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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Replacement already in place after longstanding employee departs -
The bank has reduced the spread by more than nearly any other CEE bank in the last 18 months
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◆ Rare deal pairs payouts in the same tenor ◆ €1.5bn also raised in longer tranche ◆ No cannibalisation
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◆ Rare Viennese issuer in second subordinated foray of the year ◆ Has to pay premium for returning so soon ◆ Finnish insurer refis called capital
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◆ US insurer’s very rare deal prompted by improved cross-currency relative value ◆ First unsecured and covered sterling deal since June… ◆ …increases hopes for more to come
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◆ Slower deal appeals to ‘true covered’ buyers ◆ Slim premium paid over recent deals ◆ Deal is Italian lender’s first of its fiscal year
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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