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◆ Banker said deal offered little new issue premium ◆ Euro transaction on Tuesday triggered the deal ◆ Lloyds' last sterling covered was issued in October 2025
◆ 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
Sponsor Citi acquired the loans from Abound through a forward flow agreement
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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Macau bank navigated investor questions in the aftermath of Credit Suisse AT1 write-down to pull off $350m bond -
◆ German lender lands bullet note flat to euros ◆ Helaba attracts granular book on first Swiss visit since 2010
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Latest selldown of AIB shares raised €480m for the Irish state
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◆ Oversubscription did not materialise ◆ Rivals see pricing as too tight ◆ Helaba takes extremely rare Swiss route instead
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◆ Arb on offer for Canadian funder ◆ Swiss rates curve inverted, but five year demand still strong
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At least two deals are planned next week as issuers weigh up costs
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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