Currencies
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Senior issuance rises to £3bn in seven trading sessions but latest order book was slow to grow -
Issuers push into the market before summer shutdown
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Investors show preference for paper with rarity value paying a premium
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Portugal's Novo Banco is gearing to test demand for lower tier issuers' subordinated debt, pairing new deal with buy-back
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Covered deals need to offer high premiums, if borrowers cannot offer something new or remove uncertainties
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Pre-summer flurry sees multi-tranche and SLB deals mandated for this week
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US brokerage pays 135bp more spread compared to pre-SVB comps
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If the pricing lines up and the investor base is there, SSA borrowers are willing to pull the trigger
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With interest rate expectations dipping, funds want longer bonds
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As Santander rattles through tier two trade, FIG market anticipates destination: AT1
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Bank issuers should not skimp on the new issue premium — it’s all FIG investors have to cling to in the absence of liquid secondaries
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Attractive pricing and a desire to diversify to drive foreign financials to sterling
