Solid CNP and Allianz sub deals trade up despite softer backdrop
New issues from CNP Assurances and Allianz performed well in secondary trading on Wednesday, despite an uncertain backdrop which saw equities dive and credit indices widen. CNP found strong Asian support for its inaugural Reg S dollar bond, while Allianz’s transaction was dominated by European real money buyers.
Despite the new issues trading well, and the fact that the cash market was stable even as indices widened — the iTraxx subordinated financials index was 3bp wider on the day at 323bp — bankers said it was unlikely that any other insurance issuers would tap the market
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