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Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
◆ More than €20bn of orders at peak ◆ Up to 10bp of concession on each tranche, says rival banker ◆ May push European banks to pay more to get deals done
◆ €3.25bn of new issuance comes as Goldman Sachs brings €7bn across four tranches ◆ 'Surprise' as two US names proice on same day ◆ Positive concession might force European banks to pay more next week
Data
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Late-week surge shows investors remain hungry for paper despite macro volatility
Classic January new issue volumes as barely there premiums come into vogue but US banks threaten to crowd out Europeans
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IPTs released for consumer ABS and non-conforming RMBS -
◆ Improved French market and political backdrop ◆ 'Healthy' NIP ◆ Plenty of French issuance
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◆ Reception for deal marks contrast to FIG credit ◆ New issue premium debated ◆ Tenor important for pick-up over OATs
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LendInvest also adds to sterling issuance with BTL RMBS
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Improved market and political backdrop tempts insurers to push on with strategic debt capital financing
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Scarcity value helps to drive premiums down and cover ratios up
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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