Banks
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Deal expected to be priced after multi-week marketing period -
◆ Second 'chunky' US bank euro print in a week ◆ Deal lands close to fair value ◆ But longer, fixed rate tranche raises questions as it is spotted wider in grey market
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◆ First senior preferred in two years ◆ 3bp of concession ◆ Senior spreads 'really tight' versus covered bonds
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Owners of the bonds face a long route to a payout but have a precedent in sight
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◆ Sterling covered market on a 'hot streak' ◆ Strong demand pledged, including international interest ◆ Offshore sterling covered spreads compress
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Credit spreads widen on private credit concerns though technicals remain favourable
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◆ Holders win write-down ruling but path to recovery uncertain ◆ StrideUp brings Islamic innovation to UK securitization ◆ Emerging market bonds have an off-week (almost)
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Bank lifts BNP Paribas syndicate veteran for new post
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Credit Suisse AT1 bondholders should consider alternatives after this week's sharp repricing
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Claims on Credit Suisse AT1 bonds shot up after a court ruling this week, though a long judicial process is anticipated
