Weekly Covers
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European bank trio pushes dollar AT1 volume well above the same period last year -
Bankers ‘struggle to see a drastic shift’ in concessions even after flood of issuance in May
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Bank dollar issuance for 2026 surpasses $310bn amid benign funding conditions for all sorts of FIG debt
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It is not clear what needs to be restructured, and the coming debt analysis may lack credibility
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Issuers encouraged to squeeze into bond market before mid-June by-election
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Proposals to lower Liquidity Coverage Ratio haircuts has reignited hopes of equivalence
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◆ Issuer ends six year absence with incredibly popular deal ◆ Curve shape fuel seven year demand ◆ Wide range of comps used
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◆ Rare deal unhindered by softer market open ◆ Follows recent south European trades from Abanca, Bankinter, and CredEm ◆ Triple digit spread attracts 'quality' book
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◆ Issuer tightened three year more than its seven year ◆ Both tranches close with €1bn sizes ◆ The bank's previous covered priced in May 2023
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◆ New 2046 OT proves attractive to investors ◆ Book size and quality both pleasantly surprising ◆ Sovereign issuer pays its typical NIP
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◆ Madrid lands at same level as 10 year ◆ Second EuGB from Madrid ◆ NWB makes euro benchmark 2026 debut
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◆ Sovereign gets ahead of uncertainty in H2 ◆ Larger size raised off strong demand ◆ Bigger curve reaction this time neutralised by pricing
