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◆ Japanese insurer had almost no attrition in its senior preferred trade ◆ Some NIP left for investors ◆ Busy week for Japanese issuers in euros
◆ Thursday's only covered deal, possibly February's last ◆ French issuer likes dual tranche format ◆ 'Disconnect' between primary and secondary markets apparent, says banker
◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
Data
Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
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
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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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