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FIG issuers pile into front to mid-end floaters in private placements across currencies
Short senior FRNs emerge as Nordic banks go local
◆ Second European bank to bring a dollar AT1 this week as investors bid for risky assets ◆ Market conditions deteriorate during Wednesday ◆ More than half of book lost
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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Bankers say sterling now offers attractive relative pricing versus euros -
The bond was priced flat to Westpac with unusual co-lead demand
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In this table, GlobalCapital Asia offers a glimpse of the bond deals that are in the works
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Crédit Agricole and BPCE have pushed out €2.75bn of 10 year and longer senior paper as Crédit Mutuel Arkéa prepares €500m 10 year deal
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Higher reset spread and lack of competing issuance helps Norwegian bank to pay a new issue premium of just 10bp
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Spreads in the asset class are expected to drift wider well into next year
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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