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◆ Largest Australian tier two tranche since 2020 ◆ Pays slightly higher NIP than earlier deals ◆ 'Novel' structure attracts high quality order book
Deals price tightly to Western European peers, with high-spread Icelandic banks performing the most
◆ British lender fixed spread and deal size from outset ◆ Order book closed at over two times the deal size ◆ Fixing terms enabled faster execution, the lender said
Data
Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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The senior unsecured Aussie dollar deal is the bank's first since 2021 -
Hire of Dimis Theodorou adds bank capital skills
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◆ Deal highlights the full resumption of French FIG issuance across markets, currencies ◆ Some were surprised with timing but demand shows keen investors ◆ Rivals see NIP across a range
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◆ Crédit Mutuel sells first French covered since parliamentary election ◆ French firm goes for size over price ◆ Small premium needed for 'defensive' deal
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◆ New issue premium 'as expected' say bankers away ◆ Infrequent issuer gains from 'improved market conditions' ◆ Orders increase through bookbuilding
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
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
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