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◆ Issuer fixed the spread before execution ◆ Third sterling covered bond in three days ◆ Banker said issuer wanted to place before the weekend
Underlying concerns among investors and issuers about covered bonds force them to the sidelines
◆ Canadian bank last issued covered paper in January ◆ Lead managers picked only one comp ◆ BNS has large covered redeeming on Monday
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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Issuers must pay premium to access sterling but pricing still attractive versus euros -
Concessions creeping down as new issue spreads widen
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- Are EU bonds govvies yet? - Fast moving credit market develops strange rattling noise - Debt-for-nature: from the Galapagos to the developing world
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Slim or no premium needed for Swiss franc FIG funders
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Issuers will need to offer more generous concessions as they return from blackout, despite a stellar start to the year in the primary market as investors recalibrate strategies in search of spread direction
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Central banks will turn dovish, but timing when is a mug's game
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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