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◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
◆ Small NIP enough to attract strong bid for long tranche ◆ Investors get selective amid volatility ◆ Commerz fills out its curve with two points
◆ Issuer's largest covered deal at its tightest spread ◆ Banker said Korean lender is ‘well-liked’ by investors ◆ Pricing seen at fair value despite 'scarce liquidity' in secondary curve
Data
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
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
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GlobalCapital launches innovative database of new bond pricing dynamics -
◆ RBC opts for FRN despite ‘diminished investor appetite’ ◆ Favourable arbitrage for issuer ◆ FRN demand ‘always there’ for ‘higher rated issuer’
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◆ Small premium needed to reopen the market ◆ June supply approaches record low ◆ More deals set to follow
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◆ Reopening of AT1 reflects ‘recovery of risk sentiment’ ◆ Final order book above €6.7bn ◆ Deutsche Bank ‘tainted’ the AT1 market, say rivals
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◆ Sterling sale surprises to the upside ◆ Investors appreciate pick up to domestic names ◆ Small premium paid
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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