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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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◆ Strong market supports AT1 return ◆ Lower funding, dedicated investors likely behind the infrequent issuer ◆ Will it be a true market reopener? -
Each firm will keep own clients, units in 'multi-year' integration
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US bank is stepping up its focus on Asia debt markets
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◆ Holdco senior issuance is more common in the US ◆ European novelty meant longer lead time ◆ Investors liked it and bought more
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Capital markets need a strict code of conduct for using GPT bots
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With spreads near year's tightest, banks may step up unsecured funding but investors may not be keen on low spread products
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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