Banks

Tom Hall talks to George Smith about the lively and Santander-dominated European ABS primary market, before discussing the bankruptcy of US ABS issuer Tricolor with Chad Van Estrop

◆ Eager investors help book building momentum from early on ◆ UniCredit lands third non-preferred tranche of 2025 inside fair value, say leads ◆ Even ABN's lower-yielding green senior preferred comes near FV

US FIG issuance spikes above $90bn ahead of expected Fed rate cut

Market participants hope more jurisdictions will follow as Canadian duo attract record demand

◆ Third benchmark SP from the Landesbank becomes year's tightest ◆ This brought challenges and price discovery ◆ Higher new issue premium compensated with 'good' foreign buying

◆ Sole management enables quick sale ◆ Debate on fair value but some concession left ◆ Big green bond comes between two SNP redemptions

◆ Both issuers shake off different macro uncertainties ◆ Geopolitical spike no hindrance for RBI's AT1 refi ◆ Société Générale erases concession despite French political risk

US bank is eager to grow in this field

◆ Deal attracts granular book for a Pfandbrief ◆ Premium paid but outcome still 'fair' ◆ Elsewhere, Finnish sub-benchmark deal proves popular

◆ 10 year non-call period is longest since 2014 ◆ Pricing comes very close to shorter Nationwide deal from June

◆ German issuer lands €1bn at tightest spread... ◆ ...but still pays a premium ◆ Shorter Pfandbriefe less popular with issuers this year

◆ Nordea outmanoeuvres spread widening by waiting to print in euros ◆ It and Crelan's SNP deals attract close to €6bn of orders ◆ 'Right to pay' some concession