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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
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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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◆ Well funded banks in no rush to print ◆ Reporting season, summer holidays dampen supply ◆ 'One or two' frequent names could still print -
◆ US bank starts sector's euro issuance wave as JPM opens dollar supply ◆ Wells maximises funding in first euro outing in over four years ◆ Others may follow
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◆ German CRE concerns have receded ◆ Investors 'happy to buy again' ◆ Pulled Athene deal is a warning: 'don't be greedy'
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A holiday is supposed to be all about relaxing, letting loose and shaking off the daily grind. But for those in investment banking, planning a getaway is often riddled with work complications. Where you go, when, and what you do can be much more fraught questions for financiers than for others
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Departure follows that of head of capital and long term funding
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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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