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◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
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
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
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Hire follows two senior departures from SMBC -
◆ Dutch bank takes €1.5bn at four years ◆ Little resistance to pricing through 20bp ◆ Sticky book allows for tight final level
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Lloyds has also added its sterling prime RMBS to the pipeline
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◆ Second SP deal from SEB this year... ◆... becomes longest point on its euro curve ◆ Some concession left as 'the right compromise'
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Senior notes were priced tighter than recent deals
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◆ Belgian bank deal attracts biggest book of week so far ◆ Deal bid 2bp tighter, through fair value post-pricing ◆ Treasury accounts drive Wüstenrot bid
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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