• Bank bond spreads to 'reset' with new supply in January

    Spreads in the financial institutions bond market have tightened as investors pack their bags for the Christmas holiday period, but bankers warn that this does not necessarily reflect how conditions will look in the new year.

    • 16 Dec 2019
  • Covered bonds grapple with QE-distorted world

    Navigating the covered bond market will not be without its challenges in 2020. The Targeted Longer Term Refinancing Operation (TLTRO), European Central Bank deposit tiering and the Covered Bond Purchase Programme have collectively distorted the market, but added to this concoction is the impact of negative interest rates. Against this backdrop issuers, investors and investment bankers gathered in Munich in November to discuss the outlook for covered bonds. It is likely that new issue premiums will gradually tighten, but the path is unlikely to be smooth. January is typically the busiest month, but in 2019, issuers that funded this early paid the highest spreads. And, with the ECB expected to buy in the region of €4.5bn covered bonds a month, issuers will not feel compelled to move early. But the ECB monetary policy has unwelcome implications. Covered bonds have begun to lose value against government bonds, and this will extend if the ECB is unable to loosen restrictions on government bond purchases.

    • 13 Dec 2019
  • AT1 market peaks as yields verge on record lows

    European banks no longer really have to think about building up layers of additional tier one debt. All of the focus has shifted to managing and refreshing this capital layer, and taking full advantage of a ferocious hunt for yield. Tyler Davies reports

    • 13 Dec 2019
  • Market cools on call risk ahead of AT1 refi season

    Activity is set to heat up in the additional tier one (AT1) bond market in 2020, with as many as 22 bonds approaching their first call dates. Market participants appear confident that conditions will allow banks to refinance and incentivise them to do so.

    • 12 Dec 2019
  • Advocacy groups tussle over Basel IV implementation in the EU

    The fight to influence the way in which EU lawmakers implement the final Basel financial rules is heating up towards the end of 2019, with lobbyists tussling over the potential impact on the European banking sector.

    • 11 Dec 2019
  • Scor moves as EU insurers set to beat Solvency II supply rush

    European insurance companies have limited refinancing needs in 2020, but analysts say that the sector will take advantage of market conditions to clean up capital structures for Solvency II. French insurance firm Scor this week was looking to beat the rush with a tap of a restricted tier one (RT1) bond.

    • 10 Dec 2019
  • ‘Aggressive’ UniCredit springs surprise after targeting P2R capital relief

    Bank capital experts were taken aback this week after UniCredit suggested that it would use subordinated debt to count towards its Pillar 2 capital requirements — a development that, if copied, could lead to a surge in the supply of additional tier one (AT1) and tier two bonds. It could also help financial institutions offset the negative capital impact of Basel IV. Tyler Davies reports.

    • 05 Dec 2019
  • FIG investors await election for clarity over UK supply

    Investors in the financial institutions bond market have not had much chance to invest in UK credit this year, especially in the euro market in light of the political uncertainty in the country. Much of the supply next year will depend on the UK general election results next week.

    • 04 Dec 2019
  • Grenke hits the road for potential euro AT1

    Grenke on Monday announced new plans for additional tier one (AT1) bond on Monday. The bank and leasing company could be looking at a small issuance window for its offering, with DCM officials predicting an early end to the year for deal flow.

    • 25 Nov 2019
  • People moves in brief

    ING and Rabobank choose markets heads — FIG’s Falth leaves UBS — DZ picks covered bonds boss

    • 21 Nov 2019
  • ‘Final flurry’ in FIG as bankers predict early end to primary activity

    Financial institutions bond bankers expect that new deal flow will come to a standstill in the primary market at the end of next week, as investors close the lid on an agreeable year for returns.

    • 21 Nov 2019
  • Banks launch final surge of issuance ahead of Thanksgiving holiday

    Financial institutions are rushing to sell new deals in the euro market, fearful that the window for issuance will close after Thanksgiving in the US next week.

    • 19 Nov 2019
  • LBP endorses ‘decimalisation’ of AT1 market after tight debut print

    La Banque Postale has suggested that issuers of additional tier one (AT1) capital should drop the tradition of making large pricing steps in the euro market, after setting a very low coupon for its debut in the asset class this week.

    • 14 Nov 2019
  • LBP faces resistance on pricing after plunging below 4% with debut AT1

    La Banque Postale shied away from hitting the bottom end of the guidance pricing range for its debut additional tier one (AT1) on Wednesday, after losing about half of its order book during the sales process.

    • 13 Nov 2019
  • UniCaja lines up T2 as Spanish banks seize on 'positive' conditions

    Spanish banks are using strong market conditions to their advantage towards the start of November, with Banco de Sabadell completing its annual funding plans this week and UniCaja Banco getting ready to launch its debut tier two transaction.

    • 31 Oct 2019
  • FIG pipeline bulges with rare reg cap trades

    There is a growing pipeline of subordinated bond issuance in the FIG market this week, as issuers think about their regulatory requirements and find no reason to wait in light of a recently favoruable backdrop.

    • 30 Oct 2019
  • Fitch warns of darker outlook for Dutch banks amid early Basel IV phase-in

    Fitch is forecasting a negative outlook for the issuer ratings of some of the largest lenders in the Netherlands, warning that the early introduction of a risk-weight floor for mortgage assets could weigh on the country’s banking sector through additional capital demands.

    • 28 Oct 2019
  • Coöperatieve Rabobank EUR750m 0.25% Oct 26

    • 24 Oct 2019
  • FIG issuers paint bonds green to attract bid

    Investors have been keen to lock in the money they made in the FIG bond market this year, rather than add new risk. This week, Rabobank added a green element to its latest bond in an attempt to encourage investors out of their shelters.

    • 24 Oct 2019
  • Banks take care around issuance windows as blackouts weigh on supply

    Banks could ramp up the supply of new bond deals towards the beginning of November, according to FIG DCM officials, after taking a slower and more cautious approach to the market in recent weeks.

    • 23 Oct 2019
  • Rabobank breaks through fair value with seven year green senior

    Rabobank shrugged off a little price sensitivity this week to launch a green non-preferred senior bond at a spread that FIG bankers said was as much as 5bp through fair value.

    • 22 Oct 2019
  • Game over for smaller FIG issuers this year

    Argenta Spaarbank’s trade this week was a warning to smaller banks about the importance of good pricing and roadshows in selling bonds. But even for those issuers willing to heed those lessons, it may already be too late to issue debt, writes David Freitas.

    • 17 Oct 2019
  • BPCE and Banca Farmafactoring tap into euro senior demand

    BPCE and Banca Farmafactoring launched senior deals this week, with both issuers enjoying healthy receptions to their offerings. BPCE’s non-preferred mandate drew over €2.75bn of orders and the Italian issuer saw its preferred bond attract €850m at the spread level.

    • 16 Oct 2019
  • Argenta trade a reminder investors ‘selective’ about bank bonds

    The postponement of Argenta Spaarbank’s non-preferred senior bond on Tuesday was a reminder that investors are not taking a shine to everything sent their way in the market. The large volume of trades this year has prompted investors to become “selective” about what they buy, analysts at Rabobank said.

    • 16 Oct 2019
  • Argenta and SMFG find contrasting demand in senior

    Argenta Spaarbank and Sumitomo Mitsui Financial Group were both marketing senior bonds on Tuesday, making use of the favourable backdrop in the primary market. While Sumitomo was quick to build demand for its bond, Argenta struggled to gather enough demand volume to move the spread from price thoughts.

    • 15 Oct 2019
  • AIB revives Irish sub debt market despite Brexit noise

    Allied Irish Banks was met with a strong response for an additional tier one (AT1) in the euro market on Wednesday, just a month after its national peer Bank of Ireland had to pull a subordinated bond amid fears about the impact of the UK’s departure from the EU.

    • 02 Oct 2019
  • Barclays attracts £7.5bn of orders for blowout sterling AT1

    Barclays has become the second financial institution to issue an additional tier one (AT1) in the sterling market this week, supported by a quiet backdrop in UK politics and healthy investor demand. The issuer was 7.5 times subscribed for its £1bn deal.

    • 18 Sep 2019
  • Rabobank sets record low coupon for euro AT1

    Rabobank launched an additional tier one (AT1) bond with a record low coupon in the euro market this week. The Dutch bank started with price thoughts of 3.625%, but tightened by 40bp to smash through the previous record of 3.5%, set by Nordea in 2017.

    • 02 Sep 2019
  • Banks stuff investors with bonds to beat ECB

    The financial institutions bond market reopened following the summer break this week, with many issuers rushing to frontload supply before the European Central Bank’s meeting in September. But the market quickly ran into resistance from investors, as they pushed back against the glut of deals.

    • 29 Aug 2019
  • UBS AT1 surprise lays open Kanga possibilities

    Market participants expect more banks will now want to print Kangaroos after investors on a search for yield poured into UBS's additional tier one (AT1) deal on Tuesday. The syndication, which surprised those involved after it managed to shave 75bp off its initial pricing guidance and attract A$4bn ($2.71bn) of orders, suggested a market ripe for a deal spree.

    • 22 Aug 2019
  • UK bank bonds wobble under political uncertainty

    UK bank debt has been having a hard time this week, with spreads gapping out by about 15bp on fears that the country could crash out of the European Union without a deal.

    • 31 Jul 2019
  • Years after Libor scandal, experts argue benchmark should stay

    As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.

    • 25 Jul 2019
  • Banco del Estado de Chile makes Aussie return

    A pair of emerging market banks placed MTNs this week. In Australian dollars, Banco del Estado de Chile printed a 10 year note on Tuesday, while on Monday, Qatar National bank placed short end dollar paper.

    • 27 Jun 2019
  • NIBC suffers 15% increase in RWAs after TRIM review

    NIBC Bank said on Tuesday that its risk-weighted asset base would grow by more than €1bn, as a result of the European Central Bank’s targeted review of internal models (TRIM). Model changes demanded by the Dutch regulator made its common equity tier one (CET1) ratio slump from 18.5% to 16.1%.

    • 26 Jun 2019
  • Rabo SSA banker rejoins UBS

    A syndicate banker at Rabobank focusing on sovereigns, supranational and agencies (SSAs) has left after just six months to return to UBS, where he worked between 2015 and 2017.

    • 24 Jun 2019
  • Investors warm to low reset AT1s as thirst for yield increases

    Investors looking for some extra returns in the financial institutions bond market after an impressive rally this year have started seeing value in additional tier ones with low reset spreads, despite the risk that the bonds will not be called at the first opportunity.

    • 19 Jun 2019
  • Rabo secures solid result in hectic covered mart

    Rabobank attracted good demand for a dual €2bn eight year and 20 year covered bond offering on Thursday, even though the deal was issued at the tail-end of a busy week and competed for investors’ attention in euros with Coventry Building Society and Všeobecná úverová banka (VUB).

    • 13 Jun 2019
  • Rabobank and Coventry line up in covereds

    Rabobank is set to open order books for a two-part euro covered bond that takes advantage of the demand for higher yielding debt with the inclusion of a 20 year tranche. At the same time Coventry Building Society is planning a seven year in euros.

    • 12 Jun 2019
  • Rabo extends curve with longest senior bank bond of 2019

    Rabobank sold a 12 year non-preferred senior bond in euros on Monday, the longest dated offering that any bank has tried in a senior format so far this year.

    • 29 Apr 2019
  • People moves in brief

    Nomura strengthens special situations team — JP Morgan’s Orssten retires — Gamekeeper goes back to being poacher at Rand

    • 21 Mar 2019
  • Banks resurface as FIG market glows red hot

    FIG bond market participants were speaking in superlatives as new bonds flew off the shelves this week. But some DCM officials are advising their clients not to count on conditions remaining evergreen through the rest of 2019, encouraging them to put long-held deal plans into action.

    • 21 Feb 2019
  • BBVA, Rabobank hit non-preferred as investors put cash to work

    BBVA and Rabobank were both selling non-preferred senior bonds in euros on Wednesday, with investors showing a real thirst for new supply after a quiet start to the year.

    • 20 Feb 2019
  • Rabo lawyer swaps bond docs for decks

    Karel Naphausen, formerly head of the capital markets and treasury team in Rabobank’s legal department, is leaving the sector in order to focus on being a DJ and producing house music.

    • 04 Feb 2019
  • Records smashed across high grade bonds as investors flood in

    Investors are returning to the covered bond, sovereign and supranational agency (SSA) markets in their droves. Despite exceptionally heavy issuance, the startling breadth and depth of demand seen in many deals this week caught market participants off guard — not least the investors themselves. Bill Thornhill reports.

    • 24 Jan 2019
  • ‘Vintage Rabo’ issues record breaking covered bond

    Rabobank has issued the largest covered bond of the year, drawing the biggest and most granular order book for any covered bond in over five years in the process. The stellar reception illustrated the issuer’s broad reach and confirmed that the full gamut of covered bond buyers are now back.

    • 24 Jan 2019

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 452.75 1733 9.15%
2 Citi 392.37 1452 7.93%
3 BofA Securities 381.17 1471 7.71%
4 Barclays 269.01 1080 5.44%
5 Goldman Sachs 267.65 949 5.41%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 60.87 123 14.06%
2 Credit Agricole CIB 28.59 93 6.60%
3 Santander 25.41 90 5.87%
4 JPMorgan 23.88 61 5.52%
5 UniCredit 21.51 103 4.97%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14.68 94 9.92%
2 Goldman Sachs 13.67 72 9.24%
3 Morgan Stanley 13.42 57 9.07%
4 Citi 10.70 60 7.23%
5 BofA Securities 10.13 50 6.85%