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◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium
◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
Data
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
French bank scoops top spot overall, while BNP Paribas leads in senior and Crédit Agricole in capital
Strong demand and tight spreads has propelled volumes past January records
Late-week surge shows investors remain hungry for paper despite macro volatility
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Meanwhile UBS prepares to appeal court's decision that writing down Credit Suisse AT1s was unlawful -
The deal was priced in a lighter week for euro issuance, with just two other deals in the pipeline
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◆ Spanish lender completes full unsecured capital stack issuance in 2025 ◆ New deal lures growing demand ◆ Debate on new issue premium
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Regulator plans to implement formulaic p-factor proposed in October 2024
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◆ 'Rocking' book over 4.5 times covered ◆ Slim premium leaves room for performance ◆ Austrian undersupply supports demand
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BMW also releases initial price thoughts for its own UK auto deal
Polls and awards
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
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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