◆ Covered bond issuers take stock as pipeline threats loom
◆ Caution creeps into FIG market
◆ What triple-A ratings for Italian ABS mean for banks, securitization and the credit rating industry
The primary bond market has been characteristically busy for the last two weeks with issuers of all stripes trying to beat rivals to investors' cash ahead of what is expected to be a hectic September. For banks issuing bonds, this has meant competing on a number of fronts — in the covered bond market, the senior unsecured market and the subordinated debt market. But signs are emerging that investors are not willing to swallow any deal in any size at any price.
We examine what recent new issues in each of these markets tell us about issuance for the rest of the year and what issuers are up against both in terms of competing supply and wider threats to market stability. We also uncover how some issuers' recent experiences are already influencing how other borrowers approach the market.
Meanwhile, a securitization of Italian auto loans has secured a pair of triple-A credit ratings. Triple-A rated Italian credit risk feels very pre-2008 and certainly captured the attention of some of the older hands at GlobalCapital. We reveal who benefits from these ratings — both now and in the furture — and how they have come to be in the first place as we question why some rating agencies cap their ratings on ABS relative to the rating they assign the relevant sovereign whereas others do not.
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