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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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Tightening of price guidance on new Yankee deals for FIG issuers has decreased as US investors consider prospect of more rate rises -
Spread stability drives interest from new and returning buyers
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An abortive plan to take over the UK bank has left advisers red-faced but raises the prospect of a lucrative payday
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A hefty yield, the issuer’s improved earnings and the choice of a defensive structure lured investors to MPS’s deal and could encourage other issuers
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Following new deal, UK lender is still looking to issue £500m-£2.5bn of subordinated debt this year
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The buyer and sellers benefited as they looked at different metrics
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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