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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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There has not been a large European bank block since before Silicon Valley Bank collapsed in March -
Covered bonds trade softer but spreads stable
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◆ PSHypo's 15 year note in demand ◆ Investors undeterred by flat yield curve ◆ Cantonal bank slips in and out in 40 minutes
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Storied MTN banker will leave the US firm after almost 13 years
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◆ First issue since 2014 will pay for tender offer ◆ Bankers expect 'high single digit' handle ◆ Sub note to be replaced a year before maturity
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◆ Illiquid Portuguese bank struggles and cuts deal ◆ Bank of Ireland lures investors with frequent issuer status ◆ Senior market 'receptive' but starting to slow down
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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