Banks
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Bund-swap spreads are heading to uncharted territory with little to stop them, which could cause a headache for SSA issuers -
◆ 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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Abnormal trend expected to continue posing question for FIG treasury officials
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◆ Issuer lands records in joint largest transaction ◆ Spread to World Bank ◆ Bigger size attracts more investors
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Bank’s restructuring will improve the fortunes of its investment banking business while also allowing the group it to navigate geopolitical tensions
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Sponsored by Lloyds BankAnthony Bryson, CEO, Lloyds Bank Capital Markets Wertpapierhandelsbank, FrankfurtWilliam Mansfield, CEO & Country Head, Lloyds Bank North America, New York
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◆ Swap spread moves help issuer's spread to US Treasuries ◆ No-grow deal many times covered ◆ Investors expecting rate cuts turning to short end yields
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◆ Pricing below 100bp was debated ◆ Trade gained from sterling technicals ◆ Recent steepening means some issuers cautious about duration
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◆ Deal priced at same spread as Baden-Württemberg ◆ Pricing in high-20s versus swaps is new reality ◆ Länder spreads versus KfW remain intact
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◆ Deal's reception 'exceeded all expectations' ◆ Final €2.75bn book a large one for Länder sector ◆ Curves of other German states and KfW referenced
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◆ Deal thought to be KfW's dollar benchmark finale for year ◆ Tight Treasury pricing beats World Bank's 6.9bp record spread ◆ Issuer has no need for a big benchmark
