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◆ Second foreign FIG deal in Swissies since the start of Iran war ◆ Market offers quick execution despite uncertainty and volatility ◆ BPCE funds close to its euro level
◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025
◆ 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
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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Spanish investment bank, based in London, adds to advisory headcount -
Taps have provided as much funding as a benchmark for some banks
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Non-Swiss banks have leapt up the league tables in the wake of Credit Suisse's collapse
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◆ Bank's treasury explains rationale of latest deal ◆ Future funding plans ◆ International buyers book lion's share of new senior bond
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Analysts expect a widening but investors see limited scope
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◆ Tight prices available for banks in dollars ◆ Wells Fargo joins Jefferies with $8.5bn dual tranche whopper
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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