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Japanese insurer is set to launch a novel two-part trade
◆ NAB executed at 30bp over mid-swaps threshold ◆ Banker said deal was 'in line with what was expected' ◆ Leads chose three Canadian covereds as comps
◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
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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◆ Bankers focused on attrition levels ◆ NAB ‘better than expected’ amid UK interest ◆ Swedbank tests FRN appetite -
◆ Orders fail to match recent T2 deals, but rivals say that’s OK ◆ Why psychology matters ◆ Debate on premium
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◆ Dutch bank last issued in 2022 ◆ Investors eager to buy after lacklustre June and July ◆ Next to no premium needed
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Over Sfr1.45bn printed in two days as Roche, Geberit, CCDJ and Equinix all hit the market
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◆ Dual-tranche offering is second euro visit this year ◆ No-grow and green format on short tenor helps tightening ◆ Evidence of duration demand
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◆ Senior FIG market reopens after summer break ◆ Minimal premiums paid ◆ ‘Competing trades working well’ say bankers
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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