ABN Amro
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Smaller order books and tighter new issue premiums characterise new phase -
◆ Euro benchmark deal fixed at €1.5bn ◆ Banker said new issue premiums down slightly ◆ Lead managers picked comps at 23bp over mid-swaps
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There's been a lack of ESG labelled FIG issuance in March, despite this year's volume being higher than last year
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◆ Defensive structure for nervous market ◆ Largest book on a busy day for FIG issuance ◆ ABN keeps position of leading bank EuGB issuer
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Sovereign keeps funding guidance unchanged for 2026 but warns against 'adverse effects on growth'
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Many factors could affect the relative value of covered bonds and SSAs this year
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Market participants argue that market uncertainty makes shorter tenors more palatable for investors
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'Conducive' issuance conditions allow foreign banks to raise more single US market visit
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◆ UK building society offered 1bp-2bp NIPs on each tranche ◆ Banker said covered was 'well-flagged' ◆ Second banker said they took BNS and added 'UK pick-up'
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◆ Both legs of dual tranche tightened ◆ Only one covered has landed tighter this year ◆ Banker said both tranches were at fair value
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◆ Deal executed after 7bp of tightening ◆ Banker said spread represented fair value depite busy day for euro issuance ◆ Deutsche Kreditbank goes long amid thriving Pfandbriefe issuance
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◆ CaixaBank and ABN Amro complete 'trickier' SNP funding at tight levels ◆ Caixa more popular due to higher spreads ◆ ABN sells rare SNP tranche with three year fixed rate SP
