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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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◆ Little impact from election expected, but issuers don't want to risk it ◆ Vanishing number of issuance windows remain -
When markets fall out of bed, the best investment bankers still look like they sleep easy
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◆ Issuers lining up market reopening trades ◆ Issuance to resume next week ◆ Solid first deal to herald rush of supply
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◆ Bankers evaluate levels against domestic and foreign comps ◆ Follows recent UOB and LBBW transactions ◆ More Aussie supply eyed after slow July
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◆ Issuers and investors look for clues after violent price swings ◆ Which borrowers will lead autumn deal spree ◆ How pricing has shifted in primary market
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ZKB, Thurgauer Kantonalbank and KBBL take Sfr650m from market ahead of scheduled Pfandbriefbank trade
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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