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◆ Three banks show keen desire to close strategic capital deals before November ◆ 'Outsized bid for high beta' continues to drive buyers to tightly priced capital ◆ Belfius prices in euros and SEB goes for dollars
◆ Large order book as rates curve lures buyers ◆ Double 'scarcity' value also a factor ◆ Bankers debate new issue premium
◆ Investors pull orders after sharp tightening ◆ Familiar structure offers 'nothing groundbreaking' ◆ Other rival bankers say deal went 'absolutely well'
Abnormal trend expected to continue posing question for FIG treasury officials
Market participants to unleash issuance across the capital structure in second half of November
Issuer-friendly mismatch in supply and demand masks the difficulty of timing the market
Busy streak of capital issuance has disgruntled some investors, but bank issuers still have upper hand in a rate cutting cycle
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◆ French govvie performance to support sentiment ◆ Recent French covered bonds spotted tighter ◆ Fair value considerations revealed
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◆ Friday execution seen as precursor of issuers' keenness to print before US vote ◆ Handelsbanken issues rare green tier two with no new issue premium ◆ Swedbank comes close to fair value, if not a touch above, in first euro senior non-preferred of 2024
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Want to reform the GSEs and create a US covered bond market? You're hired
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◆ US insurance company leads issuance with $5.2bn deal ◆ Bank of America lifts large chunk of subordinated debt ◆ Year to date FIG volume surpasses 2023's full year total after issuers frontload
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Investors would rather buy SSAs than covereds, say bankers
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Polls and awards
The covered bond market gathered in Porto to celebrate its standout deals, institutions and individuals
The best banks, issuers, individuals and other market participants were awarded at GlobalCapital's flagship industry dinner in London
The winning deals, banks, issuers and other market participants will be revealed at a gala dinner in Porto on September 12
The awards recognise the leading deals, issuers, banks and other market participants
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