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Unsecured issuance absence in euros and sterling resembles past market shock closures, but broader markets remains open
Both deals were executed within a week, despite a heavy pipeline
◆ Three companies push through single tranche deals ◆ Vestas takes the biggest book of the trio ◆ Issuers cough up extra concessions
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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◆ Deal gives hope for more Greek senior issuance ◆ IG ratings appear mostly to have been priced in ◆ Alpha prices tighter than Slovenia's NLB -
Tightest deal from LBBW struggled to reach full subscription as investors leaned towards spread
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◆ Alpha to restart what is expected to be more Greek supply ◆ One debut green euro bond prices, one more to come ◆ Demand for short end paper swiftly absorbs reverse Yankee
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◆ Several factors behind the aggressive pricing technique ◆ Scarcity value pays off in 'super strong' market ◆ Possible refinancing of a called, grandfathered tier two
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Senior preferred deal could be priced at 'low to mid 7%' based on recent comps
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Pipeline includes LBBW's dual tranche that will also feature a 10 year maturity
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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