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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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◆ Book supports large deal despite attrition ◆ Belgian scarcity makes finding fair value tricky ◆ 1.5 day execution chosen to aid price discovery -
◆ Deal heavily oversubscribed, allowing for 62.5bp price compression ◆ Restarts RT1 funding for European insurance sector in an expected busy year ◆ Differing views on fair value
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◆ Deal the largest single covered bond tranche in euros this year ◆ Single digit premium paid ◆ French issuers make the most of flat belly of the curve
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'No brainer' issuer set to price a seven year bond on Wednesday
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A fellow Hungarian bank and a Kazakh debutant are preparing dollar bonds
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◆ French banks paid minimal NIPs at start of 2025 ◆ Pace of issuance began slower than 2024 ◆ Volumes increase as US banks arrive
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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