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Norinchukin Bank markets dollar Global, but new deal's effects on European market are uncertain
Market participants argue that market uncertainty makes shorter tenors more palatable for investors
Quick insurance trade lands close to fair value, through equivalent dollar levels
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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French banks are satisfying their appetite for long dated covered funding but whether infrequent core eurozone issuers can replicate this success remains to be seen -
The first covered bond from a Spanish bank since February 2023 was priced with a lower premium than deals done a year ago
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◆ Strong backdrop means Greek banks issuing no longer 'top of the market' ◆ Oversubscribed deal results in one of the lowest reset spreads on Greek tier two, no NIP ◆ CA Auto Bank issues €900m two year FRN
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Despite an unexpected and violent widening of spreads on the second trading day of 2024, the unsecured FIG market has moved from strength to strength so far in January
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New covered deals clear with 3bp-5bp NIP despite softer tone, paving the way for less frequent and periphery borrowers to advance their funding
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Croatia's Erste & Steiermärkische Bank next up for CEE FIG as it prepares to add green label to its second senior euro foray
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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