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◆ 'Moderate' oversubscription levels ◆ Belfius offers higher NIP for larger size ◆ SpareBank achieves tighter pricing on green five year
◆ Higher spread, higher book than tighter priced SP deals ◆ Large French supply expected in the second half of year ◆ Small premium paid
◆ Strong market conditions for the asset class ◆ New issue premium debated with pricing in reach of fair value ◆ Largest BNZ covered bond since at least 2023
Data
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Some evidence of green price advantage in secondary market, but not primary
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
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German bank attracts HNW investors to second deal of year in Singapore dollars with chunky coupon -
Ex-Credit Suisse banker joins for debt structuring job
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◆ Banco Montepio targets high 9% ◆ Dollars on fire, euros solid ◆ Size slashed by Czech lender
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Rates volatility is dampening sentiment, with higher Bund yields causing a compression in their spread to swaps, effectively making rates products more expensive to core European government bonds.
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◆ Bank pushes forward to raise capital outside of home market ◆ $750m deal attracts $7.5bn demand by New York open ◆ Deal benefits from government support making it different to other AT1s
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Stadtsparkasse München to test demand for five year Pfandbrief
Polls and awards
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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