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◆ Sixth bank in February to print long-dated SNP tranche ◆ Massive €4.3bn book drawn to 4.125% coupon ◆ Visible concession attracts investors
◆ Two steps to terms debated ◆ Priced flat to fair value or even with negative concession ◆ Investors split on long-dated holdco supply
◆ Norwegian bank increases size ◆ Issuer meets spread objective ◆ Banker said he drew confidence from secondaries
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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Sergio Herran to swap debt syndication for rates trading -
Scarcity value help propel the book to almost €2bn
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◆ Order book halves after ‘aggressive’ tightening ◆ Bankers away say deal came through fair value ◆ FRN bid 'strong'
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The UK building society attracted a combined €4bn of orders
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◆ Achmea proves appetite for higher beta tier two ◆ HCB senior preferred 3.6 times covered ◆ 'Senior issuance is still working'
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OCP and Sisecam dual tranche dollar deals fly, Kuwait International Bank sells AT1
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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