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Primary action in the US and several banks reporting points to a rebound of euro issuance this week
◆ Italian bank placed bond after tightening 7bp ◆ Banker said paucity of Italian covereds helped ◆ Covered market has slowed despite strong performance
◆ German bank pays small new issue premium ◆ Issuer could have tightened further, banker says ◆ Deal latest in raft of public sector covereds this year
Data
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
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Late-week surge shows investors remain hungry for paper despite macro volatility
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Feedback to FCA calls for a single set of disclosures for retail and institutional investors -
The bank's plan to issue a seven year covered bond sets the stage for likely head to head execution with LBBW
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High net worth Nordic investors have been buying local AT1s as an alternative to equities
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The seven year Pfandbrief will offer the longest covered bond for more than four months
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French, German and Dutch banks are forecasted to print a combined benchmark volume of around €75bn, with 2024 looking like another year of positive net supply
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◆ High yields pull investors into local currency AT1s ◆ SR-Bank to use proceeds to refinance March AT1 call ◆ Will hold tender for existing bond to reduce cost
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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