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◆ Deal execution 'straight down the fairway' at historically tight level ◆ Concession paid to compensate for low spread and competing issuance ◆ Higher yield backdrop helps
◆ Deal came amid competitive supply from other European banks ◆ Both EuGB and ICMA green bond standards used ◆ Low new issue premium
◆ Big redemption wave and higher yields provide positive tailwind for new issuance ◆ DBS refinances in size ◆ Deka prints a touch inside fair value
Data
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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◆ Pricing comes tighter than where LBBW and Helaba last issued similar SNP floaters ◆ Deal will enhance BayernLB's credit rating -
Issuer responds to bank treasury demand for FIG FRNs and seven year duration
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Pricing was 'tricky' and 'staunch conservative investors' were wary
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Success follows €1bn 10 year senior sale on Monday
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◆ Strong market conditions allow banks to fund through fair value ◆ Ibercaja achieves pricing with 15bp negative NIP as its deals ends up almost 10 times subscribed ◆ New York life increases size of seven year FA-backed trade
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◆ Danish bank issues €500m in its largest euro tier two, raising €200m new capital ◆ Eye-catching spread of 250bp results in oversubscription ◆ Starts tender for old €300m tier two ahead of call
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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