Currencies

Premiums vanish as issuers find that anything goes

Japanese financial institution prices senior at flat to fair value

◆ Company will issue new AT1 and aim to tender its old one ahead of December call ◆ There has been no unsecured sterling FIG issuance since January 15 ◆ Comps’ delta between their tier two and AT1 at 2.39%-2.9%, with Investec tier two indicated at 7.58%

Investors are showing a hunger for ‘spready’ periphery covered bonds

Swedish borrower in the market months after agreeing Stanley Infrastructure purchase

Two other German SSAs bring deals on same day

Investors were quick to take part, pledging Skr20bn after only 35 minutes of book building

Constant inflows help Coca-Cola HBC, Ren and Enel snap spreads in during bookbuilding

Latest deal came 1bp through fair value, according to the issuer

Five to seven year deals 'in vogue' as issuers look back to the belly of the curve

Issue amount increased after order books close above €2.3bn

◆ Issuer removes capital deficit ◆ Starts marketing ‘aggressively’ to finish through fair value ◆ Unlikely to print any senior debt for regulatory purposes