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Four banks squeezed $12.5bn of funding into Wednesday's window
◆ Canadian bank last issued covered paper in January ◆ Lead managers picked only one comp ◆ BNS has large covered redeeming on Monday
Underlying concerns among investors and issuers about covered bonds force them to the sidelines
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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Investors flock to Italian lender’s high spread offering -
Italian lender offers investors a rare chance to pick up duration in sterling
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Finnish lender was willing to pay up in order to diversify
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ING paid up to issue covered bond in benchmark size, Aktia sailed through but two other issuers had a tougher time
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Senior issuance rises to £3bn in seven trading sessions but latest order book was slow to grow
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Investors show preference for paper with rarity value paying a premium
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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