Currencies
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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 -
New parameters and guardrails help define oft-maligned product
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◆ SBEB and Nordea both print tight senior bullets ◆ Both deals oversubscribed ◆ 'Pre-volatility market is back'
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Issuers paid higher new issue concessions this week as investors turned more selective
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◆ Sub-benchmark deal attracts large book ◆ 'Quite a big milestone' achieved ◆ Fair value not straightforward, but pricing was through
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◆ A bank advised Nationwide of strong fixed sterling bid ◆ RMBS was another option ◆ 'New accounts' participated in deal
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◆ Sparse calendar after a busy window ◆ Strong bid for a high grade name in a niche sector ◆ Single digit new issue concession paid
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SSA issuers also back in frontier currency private placements
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◆ Rival bankers call deal 'a great success' ◆ Dollar spread vs euros 'swung back to issuers' ◆ Cost of carry vs locking tight spreads
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◆ UK water company prints 6.75 year bond ◆ Orders stick at almost seven times deal size ◆ Deal lands close to fair value
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Fewer new deals are pulling lenders' attention back to existing companies
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◆ Fair value 'a bit tricky' ◆ Scarce and interesting ◆ Issuers need to be realistic
