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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
European banks’ absence from primary market is ‘different this time’
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
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◆ Spanish litmus test for appetite after CS corrosion ◆ Pricing differed, books less so -
Deutsche Pfandbriefbank has successfully grown its deposit base
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Subscription ratio ends strong despite slow start to book building
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Recent promotions make the move possible
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UniCredit's Czech and Slovakian entity readies the tried and tested: capped green foray at the belly of the curve
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◆ Secondary rally shows appetite for risk ◆ Issuers target quick intra-day execution before CPI ◆ HSBC starts by luring Asian demand
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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