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◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
Data
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
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◆ First ancillary tier one note ◆ Features unique reset structure ◆ $7.5bn of orders before reconciliation -
NBO's AT1 will easily be the biggest from Oman
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◆ First Australian sterling tier two since 2022 ◆ Fair value debated ◆ Motivated by uptick in Aussie tier two requirements
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◆ Insurance company's first outing since 2023 ◆ Book continued to grow after reoffer ◆ 'Pretty much everybody from the UK real money investor base' present
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Barclays’ £3.76bn consumer ABS and NatWest’s £2.49bn RMBS release the banks’ risk weighted assets
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◆ First UK bank to issue euro AT1 since 2020 ◆ Orders exceed €8bn ◆ Signals investors 'want duration'
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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