Banks

Bankers away from deal voiced concerns over level of orders

◆ Two banks print €2bn on the back of almost €5.5bn combined demand ◆ Investors keen to pick up yield through subordinated debt ◆ All this, despite tier two paper trading tighter than a year ago

◆ Issuer drives down yield by more than 200bp tighter than where other European national champions printed three months ago ◆ But this means smaller book that raises performance questions

KfW announces ‘rather unusual’ euro dual trancher after revealing large programme last month

There should be a busy start to the new year, but falling rates and widening spreads might spoil the party

LBBW and Commerzbank reserve their slots early for first trading day of 2024 with December mandate announcements

Swiss regulator recommends fining senior bankers to avoid future bank collapses but faces pushback from Swiss Bankers Association

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The bank's plan to issue a seven year covered bond sets the stage for likely head to head execution with LBBW

The seven year Pfandbrief will offer the longest covered bond for more than four months

◆ What the most senior debt bankers in the world believe about next year ◆ Who's eating Credit Suisse ◆ If a property company falls in the forest and doesn't make a sound...

In a year dominated by the collapse and takeover of Credit Suisse, financial institutions were keen to re‑establish investor confidence in some of the riskier asset classes. Axa led the way just weeks after the CS rescue with a €1bn subordinated bond. In the autumn, UBS made a bold statement about the stability of Swiss bank capital as it returned to AT1 issuance with two $1.75bn tranches. Elsewhere, banks dealt with tricky conditions and pulled off some skilfully timed transactions, underlining the market’s faith in mainstream currencies and emphasising the appeal of ESG labels