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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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Flurry of issuance satisfies parched investors and raises hopes for more across the capital structure -
◆ Canadian bank raises €2.25bn to push March US FIG issuance to $61bn ◆ Quarterly funding was second busiest ever at $254bn ◆ Swiss Re was lining up debut tier two with bail-in clause
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Issuers may be lured to refinance maturing Pfandbriefe amid benign funding conditions
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New team will straddle public and private sides as syndicate heads take new roles
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Unsecured issuance in euros catches up with last year thanks to improving funding conditions, smooth March
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Issuer clears £500m deal 3bp above where NatWest issued on Monday
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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