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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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Borrowers should be encouraged by the recent performance in credit, which has held rock steady amid rising uncertainty. -
The ratio of encumbered assets over total assets increased by its largest ever margin last year, according to a report this week from the European Banking Authority, which attributed the increase to lenders making “extensive use” of central bank facilities during the pandemic.
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Banca Monte dei Paschi di Siena has settled a legal dispute with its former controlling shareholder, clearing a major source of uncertainty that had been dragging on its efforts to find a buyer.
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Two Cypriot banks, Bank of Cyprus and Hellenic Bank, had their ratings upgraded by Moody’s on Thursday, as the agency took into account the start of the pair’s respective minimum requirement for own funds and eligible liabilities (MREL) journeys.
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The UK government has announced its intention to dispose of some of its remaining 54.7% stake in NatWest, formerly Royal Bank of Scotland, through a pre-arranged trading plan which will see the government sell up to a 15% stake in the bank.
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Sustainable covered bond issuance could hit a record high in 2021, and with the ECB considering introducing mandatory climate disclosures for its collateral and purchase programmes, analysts expect the sector to find growing market support over the next few years.
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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