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HSBC and SEB opt for senior funding in dollars as Deutsche Bank turns to renminbi
◆ Over €5bn in Reverse Yankees placed on Thursday ◆ More IG corporate bonds to follow, including potential Friday deals ◆ Volatility makes spotting new issue premiums tricky
Most European lenders have limited exposure to the region, but analysts say energy shocks are the bigger risk for bank credit
Data
Bank issuance expected to resume next week in euros after corporates, dollar market lead
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
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◆ Two banks print €2bn on the back of almost €5.5bn combined demand ◆ Investors keen to pick up yield through subordinated debt ◆ All this, despite tier two paper trading tighter than a year ago -
◆ Issuer drives down yield by more than 200bp tighter than where other European national champions printed three months ago ◆ But this means smaller book that raises performance questions
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A further four banks will follow on Wednesday, including one with a 10 year deal
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There should be a busy start to the new year, but falling rates and widening spreads might spoil the party
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The ebullient market conditions as 2023 ends are unlikely to last. Issuers must be ready for liquidity to ebb abruptly
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LBBW and Commerzbank reserve their slots early for first trading day of 2024 with December mandate announcements
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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