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◆ Japanese issuer returns for third time in euros ◆ Lures investors wanting to diversify with large but uncommon issuers ◆ Higher spreads and IPTs than recent European banks
◆ Deal starts with 'intentionally' lower new issue concession than peers ◆ Slower book building may influence this week's tier two issuance ◆ Pre-funding ahead of French elections results in desired €750m size
Books were €700m for what had been penned as a €750m deal
Data
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Some evidence of green price advantage in secondary market, but not primary
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Investors have shown preference for ethically themed covered bonds as subscription ratios rocket -
BSH could well price its 10 year tighter than other recent deals in the same tenor
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Cost of long dated funding in euros very attractive compared to sterling
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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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The Swiss issuer became the first European bank to tap the dollar market following first quarter earnings when it hit the market on Tuesday
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Scarcity value helped to propel the strong name to a double digit saving versus euros
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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