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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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Christian Aid dumping Barclays for fossil fuel finance highlights bank’s unclear progress -
◆ Domestic demand supports sale ◆ Public bail-in debut lands in line with peers ◆ Follow-on deals unlikely as blackouts and holidays suppress the pipeline
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Problem resurfaces despite EU Covered Bond Directive’s attempt to resolve it
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◆ ‘Novelty’ release reflects overlaps in bank capital requirements and market feedback ◆ New recommendations focus on RAC tier twos ◆ High level of standardisation achieved in the EU
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◆ Non-deal roadshows planned for the coming weeks ◆ Issuers tipped to wait despite supportive market ◆ Dearth of supply to support spreads
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◆ German lender to optimise funding and find investors beyond Germany ◆ Conducive market for credit issuance ◆ Non-preferred bonds outperform preferred paper
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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