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◆ Issuer said deal shows investor preference for short-dated paper ◆ Banker said it benefitted from RBC’s minimal exposure to Middle East◆ RBC’s was the first covered bond issued since the end of February
US banks were the biggest issuers in euros, paying a premium for jumbo multi-tranche trades
ICBC prints multi-currency 'safe haven' deal, yet limited read-across for European markets
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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◆ Lloyds prices first foreign subordinated debt in Singapore dollars since CS’s collapse ◆ Deal offers arbitrage versus G3 markets ◆ NatWest starts marketing senior Kangaroo -
First deal in a month is likely to test demand and price expectations at the five year point
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◆ Only 5bp needed to seal rare sterling senior pref deal ◆ Top quality orders fuel bumper book ◆ Illiquid secondary curve causes pricing conundrum
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◆ No foreign bank has issued subordinated debt in the currency since CS collapse ◆ Local heavyweight showed there is demand for AT1 ◆ Will be issuer's fourth currency outing since Q2 results
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◆ Gabon gets it right second time ◆ FIG forgets it’s meant to be summer break ◆ AT1s complete their redemption arc
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Busy week across products and currencies reduces chance of saturation
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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