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◆ Investors place 'sticky' orders in Abanca's first public deal since July 2023 ◆ Lender combines new deal with liability management ◆ Pays lower concession than last week's issuers
Strategic refinancing of capital gathered pace amid low spreads, despite rising concessions
As the end of 2024 approaches, deals expected to be few and far between
Commercial property risk still dogs sector but investors can distinguish credits
Hot market conditions encourage pre-funding, amplifying borrower dilemma ahead of busy January
Conclusive US election result and rate product woes open pre-funding options to banks
New issue premiums are needed after a difficult week to sweeten post-US election issuance prospects
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A good sign for primary issuance as inflows pour into credit funds -
◆ Average benchmark tenor up from 2023 ◆ Seven years proves popular ◆ Longer dated deals look unlikely
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Banks need ways out of their capital constraints and securitization is one of the best
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◆ Orders balloon during US hours ◆ Bookrunner and rivals differ on fair value ◆ Bank viewed as ‘increasingly friendly’ on AT1s
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◆ Lender raises €1bn of seniors a day after compatriot ◆ Pricing tight but less demand than for first mover ◆ Slim concession, if any
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Total for first half is more than all of 2023 inflows
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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