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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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Deutsche Bank sparks debate on whether issuers will suffer should they not call AT1 deals amid excellent market conditions -
Senior unsecured competition to put pressure on covered pipeline
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◆ UK and French real money bid for long-dated paper ◆ Market is under-supplied and issuer 'could have printed more' ◆ Bank earnings boost broader confidence
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◆ 'Crazy' busy FIG market ◆ UBS goes big in large year for senior holdco redemptions ◆ Deutsche prints senior debt seemingly unaffected by AT1 market's considerations
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◆ Rare dual tranche format from Nordic name ◆ Tightest seven year senior from European bank in 2.5 years ◆ Pricing is close to covered bond
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◆ Lack of comps making finding fair value tricky ◆ Leads spot the deal flat ◆ Demand strong despite contractual structure
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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