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◆ French bank issues its first euro AT1 in three years ◆ Deal lands flat to fair value, according to sources away ◆ UBS prepares its second Australian dollar AT1 after September's market reopener
◆ Deal unaffected by Japanese macro volatility, lead said ◆ Aggressive pricing led to heavy long-end attrition ◆ Continuing trend of heavy supply for dual tranche holdco senior trades
◆ Issuer finds window between political volatility and supply onslaught ◆ Deal sets record low spread for callable sterling senior bail-in debt ◆ Investors remain on board despite tight price
Data
Post-earnings issuance surged with borrowers taking advantage of tight spreads to raise more than $14bn in early February.
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
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◆ First euro AT1 since end of June follows dollar trades ◆ Lower tier issuer no hindrance to demand ◆ Spanish bank achieves its biggest AT1 at almost no premium -
◆ Scotia moves quickly to tap resurgent sterling market ◆ Trade lands through CIBC and flat to fair value ◆ Confidence returns to sterling covered investor base
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Afme applauds proposed reforms, but some want bigger boost for non-STS and subordinated tranches
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Banks are taking back control after Covid
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◆ Dutch issuer has raised €1.5bn in three trades ◆ Deal priced near fair value ◆ Trade timed to avoid French political volatility
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Al Rajhi offers tier two social sukuk, Doha Bank a senior five 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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