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There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday
Meanwhile, Gulf borrowers head private as Iran war volatility keeps public flow thin
◆ Both issuers out with similar deals on a busy day in primary market ◆ Demand flows to credit as investors show preference for higher yielding names ◆ Nykredit ends with bigger book due to wider spread
Data
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
Come May, current dollar market's gain may turn into euro pipeline's pain
European Central Bank's more 'balanced' tone may offer reprieve for bond execution
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Central banks are promoting a set of climate scenarios that may encourage banks to continue financing fossil fuel expansion when they should be shutting it down, according to an NGO — highlighting the immense influence central banks could have on climate policy. -
The European Central Bank’s Targeted Long Term Refinancing Operation may never disappear, but the central bank will find it difficult to maintain record-breaking interest rates on its loans as the economy recovers from the pandemic. As the terms of the liquidity scheme surely begin to tighten, issuers will have a greater incentive to repay TLTROs and switch to market funding.
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Large European banks are tipped to bring their deal plans forward after they saw Barclays make the most of summer funding this week. The UK issuer proved firms will not have to wait until September to be confident of attracting big books at tight spreads.
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There are worrying signs in the way Banca Monte dei Paschi di Siena’s tier twos have traded after UniCredit signalled its interest in the bank.
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Depfa ACS has bought back its remaining Irish covered bonds. Ireland has now lost a total of three covered bond issuing banks leaving two behind — and they haven’t come to the public market for years.
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Moody’s has upgraded Deutsche Bank’s ratings and kept the firm on a positive outlook, after predicting it will be able to ‘substantially and sustainably improve its returns’ as a result of its restructuring plan.
Polls and awards
Have the chance to put forward your opinion and shape this year’s Bond Awards winners.
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
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