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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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Two issuers took different approaches to funding as Canadian lender went short for size while non-bank financial deal experienced slower book building on a weaker day -
Bawag gains traction with investors in short tenor, KEB hits target size but not spread
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Swiss deal, the first international FIG bond from the country since Credit Suisse's demise, had to offer higher concessions to attract uneasy investors
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Rapturous demand allows Dutch insurer to price with a slim 5bp concession
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Not much to read into great deals from Germany and the EU, say traders
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The issuer met its size and spread aspirations as Bawag lined up the market's next new issue
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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