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ICBC prints multi-currency 'safe haven' deal, yet limited read-across for European markets
Market participants agree new issue premiums will go up when the Iran war ends, but not by how much
Net impact on net earnings expected to be less than $20m
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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Covered bonds, SSAs widen on concerns about rates and Italy's budget deficit -
◆ SocGen is still majority owner but no longer has full ownership ◆ Deal will be two and five year senior preferred
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Funding was cheaper than euros, if smaller
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◆ Pent-up demand supports issuer set to regain IG ◆ Concession was 0bp-10bp, below what eurozone periphery smaller issuers have paid ◆ BayernLB chooses extra day of marketing for tier two
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Smaller issuers are struggling to attract investors' attention
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Bank of America won trade to sell £33m of stock for employee trust
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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