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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
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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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Very rare sterling insurance capital deal was three times subscribed at £1.45bn -
Borrowers pay 20bp NIPs to lure investors when market sentiment drops after deals launch
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Strong domestic demand is tempting foreign FIG funders into the busy Aussie market
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NAB took size and priced flat to fair value for its first deal of the year in sterling
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A generous spread is expected for the deal, which will be capped at €500m
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Size and rarity ensured better results for Hamburger Sparkasse and Vorarlberg, despite the EU absorbing 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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