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Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
◆ Bond auctions get the fintech treatment ◆ Oracle shows how to fund AI capex with bonds ◆ Banks plough on in bonds despite weaker markets
◆ 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
Data
Post-earnings issuance surged with borrowers taking advantage of tight spreads to raise more than $14bn in early February.
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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Two consent solicitations would restructure programme after acquisition last year -
Both trades offer investors full cap stacks
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Supranationals remain active in US dollars and Aussies, with a tilt to longer tenors
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◆ Sterling market embraces FABN duration and issuance proximity ◆ Longest publicly marketed deal by multiple arrangers ◆ Athene pays premium in sterling but saves versus dollars
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The finance provider is marketing its eighth insurance premium-backed ABS
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◆ Investors eye high beta names ◆ Possible negative premium paid ◆ Fair value debated
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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