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◆ Sterling market welcomes third unsecured FIG deal of the week ◆ RBC's 15bp price tightening is 'encouraging' for other issuers ◆ Relative value works well versus other G3 currencies
◆ Austrian lender's first bond issue of the year ◆ Achieves investor diversification beyond core buyers in DACH, says lead ◆ Moves pricing more than most of its past senior trades
There were no new covered bonds issued on Thursday after two on Wednesday and four on Tuesday
Data
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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
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Morgan Stanley ventured north of the 49th parallel this week to visit a Maple bond market that is on course for its busiest year for financial institutions issuance since the 2008 financial crisis. -
The Bank of Cyprus had its covered bond rating bumped up by Moody’s this week, as the agency considered the recent upgrades to the sovereign and issuer ratings, as well as “positive developments of the Cypriot housing market”.
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Banca Monte dei Paschi di Siena’s capital instruments are at risk of being zeroed after UniCredit announced this week that it could buy the state-owned Italian lender on extremely favourable terms. Market participants are more optimistic on Monte’s senior debt, which would rally strongly if included in a merger.
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Andrea Orcel is looking to clinch a deal for Unicredit to acquire parts of stricken Italian lender Banca Monte dei Paschi di Siena (MPS) in the early part of September after revealing it was negotiating with the Italian government.
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The US Federal Reserve moved one step closer this week to signalling it will start to end its quantitative easing measures. FIG borrowers now face a nervous wait for the central bank’s next communication in late August, which will define the strength of market conditions ahead of a crucial issuance window in September.
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Prudential has signed a $4bn revolving credit facility, with margins linked to its sustainability performance. This is the first deal of its kind by a major US insurer and puts pressure on others to follow suit.
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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