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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
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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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◆ All issuers complete deals with seemingly no competition among them ◆ Three banks choose short and mid range maturities to tap different investors ◆ Market remains receptive for more issuance -
◆ Rival bankers praise deal ◆ Caution as leads ‘don’t have buyers at any price’ ◆ Secondary market performance seen as key to investor appetite
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◆ Diverse set of issuers to fund before the ECB on Thursday ◆ Jefferies prepares rare euro deal ◆ Despite rates volatility, the market is open
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‘A lot more’ covered bond supply expected ahead of ECB meeting on Thursday
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Asset managers less concerned about missing out on covered bonds, argue some bankers, while others highlight the relative value versus SSAs
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◆ Investors find tier two FIG debt appealing ◆ Simultaneous execution helped by supply and demand mismatch, ECB rate cut expectations ◆ Both deals land flat to FV with multiple times coverage ratios
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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