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◆ Record-breaking reset spread ◆ Issuer sails through previous 300bp barrier despite investor resistance ◆ Minimal new issue premium
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ Bank closed order book at €1.85bn ◆ Larger size, tighter spread than issuer's last covered ◆ Order book was 'brilliant', says banker
Data
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
Late-week surge shows investors remain hungry for paper despite macro volatility
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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Shorter deals and higher premiums needed to secure covered sales -
◆ Dutch lender follows success of Commerzbank ◆ Small size may deter some participants ◆ Coupon expected to ‘leave some room’ for performance
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◆ Rare deal achieves 4.5 times subscription ratio ◆ Investors keen to buy German issuers ◆ Bankers hope German recovery will reopen wider European FIG market
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◆ Debut deal arrives two weeks after being mandated ◆ Anchored by a single order ◆ Small premium offered
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GlobalCapital launches innovative database of new bond pricing dynamics
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◆ RBC opts for FRN despite ‘diminished investor appetite’ ◆ Favourable arbitrage for issuer ◆ FRN demand ‘always there’ for ‘higher rated issuer’
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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