Banks

Widening prices temper size ambitions, but issuers remain upbeat as they adapt to 'new normal'

‘Solid’ first 2024 syndication despite wider secondary curve

◆ Strong backdrop means Greek banks issuing no longer 'top of the market' ◆ Oversubscribed deal results in one of the lowest reset spreads on Greek tier two, no NIP ◆ CA Auto Bank issues €900m two year FRN

Opportunities for rare names remain, despite investors looking for higher new issue premiums

Singapore’s ST Telemedia Global Data Centres last week issued a rare instrument: a sustainability-linked hybrid capital bond. Nelson Lim, the company’s CFO, explains why

◆ Senior non-preferred deal underlines how popular sterling credit is ◆ SG adds duration but pays above euros ◆ New deal boosts diversification drive after $5bn Yankee

Car finance bank issues largest Swissie bond by a foreign corporate since 2021

◆ French bank goes beyond recent 10 year senior, covered deals ◆ UniCredit pushes pricing in SNP with 5bp NIP ◆ Market open for all as infrequent borrowers also lure big orders

◆ French bank's 'stellar' long end outing attracts orders and accolades ◆ Even unusually long senior deals fare well as active funds buy credit ◆ Monday's deal outcomes highlight open access for less frequent issuers

AFD and EDC keep sterling rush going as France preps new OAT

Beijing-based supra ‘extremely tempted’ to catch the strong bid in euros but says it is in no rush

◆ Investors lodge big orders so as not to miss current spreads and yields before rate cuts ◆ This sentiment especially strong for sub debt ◆ Mediobanca also issues €300m tier two that was 4.5 times covered