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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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Even the lowest spread deals look sweet when Swiss govvies are so tight
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UniCredit Italy sets a strong precedent many of its national peers plan to follow
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◆ Improved tone lures local lenders in size ◆ Yankee arb possible again ◆ European trio steps up Yankee printing on Thursday
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◆ Huge oversubscription thanks to spread and yield ◆ Merchant bank differentiated itself on a busy day ◆ IR work pays off
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Growing team adds former Nomura FIG DCM banker
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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