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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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◆ Investors flock to €300m print ◆ Bond priced flat to fair value ◆ Deal spotted tighter almost immediately in secondary -
Structured covered bond expected to offer pick up over legislative peers
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◆ Small deal attracts big book ◆ Bond prices through fair value ◆ Austrian issuer compresses spread to more liquid peers
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Covered and corporate issuers almost wholly responsible for lower volumes
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◆ Sterling issuance drops off after January rush ◆ Issuers may be cautious about high sterling rates ◆ Concerns around 'Fickle' investor base
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Bankers expect lack of competing supply from larger names will drive strong outcomes
Polls and awards
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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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