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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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◆ Spanish bank obtains regional investor diversification and fresh capital ◆ Deal highlights subordinated funding is cheaper in dollars than euros ◆ Other banks should be encouraged to issue in dollars -
◆ Belgian bank completes its largest deal at €600m ◆ Debut green bond attracts ‘classic ESG’ investors ◆ Lower tier bank issuers are starting to face some indigestion in the euro FIG market
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◆ Deal precedes redemption of AT1 and exacerbates shortage of paper in the currency ◆ Issuer locks in ‘very good’ arb ◆ HSBC’s third trade this week follows sterling covered and senior bonds
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Deals went well but have not dispelled concerns around the fragility of euro covered bond demand
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Spanish investment bank's new dual appointment continues its expansion in FIG
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Issuers to 'de-risk' euro covered bond funding with short dated deals
![06.02.2019, Singapore, Republic of Singapore, Asia - A view of the HSBC banking building in the business district. To the left of it you can see a part of the Fullerton Hotel. [automated translation]](https://assets-bs.derivia.com/dims4/default/ab239ff/2147483647/strip/true/crop/4256x2394+0+0/resize/320x180!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fe6%2Ff7%2F61cd2ddc44dd8ce259b3365b1d98%2F2b759cn.jpg)
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