Weekly Covers
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Swiss bank goes large across three slices -
Large and liquid 10 year dollar deal jump-starts issuer’s €15bn-€17bn programme for 2026
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Solutions exist but political will is necessary
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Avoiding unsecured euro issuance, French banks have concentrated funding in dollars and covered bonds as they eye record start
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Implementation necessary after wide-ranging changes last year
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'Records broken left, right and centre' as redemption money and pent-up demand flood new issues market
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Lenders see greater demand for direct lending as slew of Covid refinancings mature
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Three tranche deals are increasingly common for issuers wanting size and duration
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Goldilocks conditions abound but EM borrowers wary of the sort of bearishness that erupted last year
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Largest Israeli bank sees itself as a pioneer in its domestic bond market
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This year’s expected surge in IPOs and M&A deals should drive a proliferation of strategic equity derivative transactions, with $2bn of fees up for grabs
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◆ Deutsche Bank offers longest bank euro tier two since 2020 ◆ Crédit Agricole Assurances refis two tier two stack two years early ◆ SocGen goes for 10 year AT1 stretch
