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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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◆ Market participants find US data ‘helpful’ for resumption of new issuance ◆ Fed could tilt the tone ◆ Secondary bids appear for French banks on Wednesday -
◆ Bankers reveal size expectation ◆ UK lender's first deal since 2011 ◆ Time needed to re-introduce the issuer to investors
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◆ Five year deal to diversify funding sources ◆ Syndicate happy to wait for investors ◆ Trade to come inside recent comparables
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Oversubscription for Polish bank's book was similar to Hungary’s OTP last week
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◆ 'Macron resignation rumours' push OAT spreads out ◆ FIG activity 'was supposed to be much busier' ◆ Covered and corporate bond sectors still open
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Bankers reveal final pricing expectation ◆ UK lender plans first euro deal since 2019 ◆ Issuer happy to take time for extra investor work
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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