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Capital deals and a tight Nordic senior print point to what lies ahead for issuers
Attractive market across the capital stack prompts expectations for foreign bank supply until the very end of August
Analysts expect the first euro covered bond after the summer lull to be printed in the next two weeks following seven weeks of no issuance
Data
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Some evidence of green price advantage in secondary market, but not primary
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
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Shorter deals and higher premiums needed to secure covered sales -
◆ Dutch lender follows success of Commerzbank ◆ Small size may deter some participants ◆ Coupon expected to ‘leave some room’ for performance
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◆ Rare deal achieves 4.5 times subscription ratio ◆ Investors keen to buy German issuers ◆ Bankers hope German recovery will reopen wider European FIG market
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◆ Debut deal arrives two weeks after being mandated ◆ Anchored by a single order ◆ Small premium offered
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GlobalCapital launches innovative database of new bond pricing dynamics
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◆ RBC opts for FRN despite ‘diminished investor appetite’ ◆ Favourable arbitrage for issuer ◆ FRN demand ‘always there’ for ‘higher rated issuer’
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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