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◆ Japanese insurer had almost no attrition in its senior preferred trade ◆ Some NIP left for investors ◆ Busy week for Japanese issuers in euros
◆ Thursday's only covered deal, possibly February's last ◆ French issuer likes dual tranche format ◆ 'Disconnect' between primary and secondary markets apparent, says banker
◆ 'Tight and attractive valuations' for raising tier two capital ◆ Trade follows ratings upgrade ◆ 5bp of concession
Data
Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
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
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Investors pledged over €875m of orders for the sub-benchmark sized deal -
◆ Investor demand for FRNs is ‘not something you would expect’ ◆ Rare callable format works for issuers ◆ Money market and short credit funds among the buyers
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The market needs a rethink on how to understand and handle the price advantage for green bond issuers
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The French bank attracted a peak book of over €2.65bn
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TD has been the only Canadian bank to visit the market this year so far
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◆ Ireland's Permanent TSB Bank has 'reasonable credit story' ◆ Italian BFF offering 'could be interesting test' ◆ Rates volatility and reduced liquidity could pose challenges
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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