• Bankers exalt pricing power in European AT1 market

    Crédit Agricole and Nykredit Realkredit were able to push aggressively on pricing in the additional tier one (AT1) market this week, as they took advantage of favourable supply and demand dynamics.

    • 08 Oct 2020
  • Nykredit returns to AT1 with tightly priced deal

    Nykredit Realkredit was set to launch its first additional tier one (AT1) in over five years on Tuesday, tightening its pricing by more than 50bp to close in on a level that looked close to fair value.

    • 06 Oct 2020
  • NBG bond brings new pricing step to FIG market

    Debt capital markets bankers say that smaller pricing steps are possible when selling deals on a yield basis, after bookrunners made a 7.5bp move with National Bank of Greece’s green deal this week.

    • 02 Oct 2020
  • Rabo unveils four-stranded sustainable framework, prints $1bn

    Rabobank has issued its largest green bond, a day after publishing a new Sustainable Funding Framework that will enable it to print debt in four different green and social flavours — a structure it hopes will give investors more clarity.

    • 18 Sep 2020
  • Fitch downgrades ABN and Rabo amid RWA inflation

    Fitch cut the long-term issuer default ratings (IDRs) of ABN Amro and Rabobank this week, with a rise in risk-weighted assets having helped to push down the size of the banks’ subordinated bond buffers.

    • 16 Sep 2020
  • Banco BPM tier two shows investors will ‘practise discretion’

    Banco BPM struggled to build much of an order book behind a new tier two bond this week, with bankers arguing that investors have become more selective with their exposures to southern European names.

    • 10 Sep 2020
  • Green bonds show how to save in the FIG market

    Senior deals from Banco de Sabadell and Mediobanca underlined the pricing benefits of printing in green formats this week, with both coming inside conventional curves. Other issuers could be tempted to follow.

    • 03 Sep 2020
  • Banco de Sabadell uses green label to print deal through fair value

    Banco de Sabadell on Wednesday looked to replicate the success of Mediobanca earlier this week in capitalising on appetite for green bonds. Appetite for the Spanish lender’s inaugural green preferred senior bond led it to print the deal through fair value.

    • 02 Sep 2020
  • Investors ask whether fears over AT1 calls are ‘overdone’

    The additional tier one market is putting too much emphasis on the risk that banks will try and extend the lives of their bonds, according to Atlanticomnium, suggesting there is plenty of room for the asset class to rally this year.

    • 27 Jul 2020
  • Rabobank EUR1bn 4.375% PNC2027 AT1

    • 09 Jul 2020
  • Better backdrop brings Rabo into AT1 market

    Conditions in the primary FIG bond market have improved of late, tempting European issuers to bring subordinated trades. Rabobank made an appearance this week, adding to a flurry of trades in the format.

    • 07 Jul 2020
  • NN Bank builds strong demand behind soft bullet debut

    NN Bank used a quiet market this week to launch the first deal from its new soft bullet covered bond programme. The inaugural deal carried an ‘attractive’ spread and was more than three times subscribed at final terms.

    • 30 Jun 2020
  • KHFC offers spread with social covered bond

    Korean Housing Finance Corporation (KHFC) has launched its second social covered bond of the year in euros, setting the spread for its deal in the middle of its guidance range.

    • 29 Jun 2020
  • Pipeline fills up in covereds

    NN Bank unveiled plans on Monday to issue its first covered bond from its newly published soft-bullet programme. At the same time, Berlin Hyp has mandated lead managers for the sale of a new green covered bond.

    • 29 Jun 2020
  • TLTRO III deters covered bond issuance even beyond its three year maturity

    Issuers are struggling to obtain the necessary internal approvals to issue covered bonds, given how expensive the instruments are compared to the European Central Bank's Targeted Longer Term Refinancing Operations (TLTRO III).

    • 26 Jun 2020
  • Rabobank covered trade signals spread retracement

    Coöperatieve Rabobank launched a 10 year covered bond at a spread of 7bp over mid-swaps this week, leaving a small new issue concession for investors. The deal also underlined the recent recovery of credit spreads amid the coronavirus pandemic.

    • 24 Jun 2020
  • European banks find favour in busy dollar market

    European banks joined a flurry of US corporates in the dollar bond market this week, capitalising on favourable conditions to issue deals in large sizes and at negative new issue premiums.

    • 18 Jun 2020
  • Bank bonds take another beating as sentiment sours

    Sentiment is deteriorating in the financial institutions bond market amid fears of a second wave of coronavirus infections. Issuers are now expected to take a back seat until credit spreads show more signs of stability.

    • 15 Jun 2020
  • Green shoots boost hopes of further AT1 supply

    Weaker trading conditions have done little to shake expectations for a new wave of additional tier one (AT1) supply, writes Tyler Davies, with three banks having reopened the market in emphatic fashion this week, issuing €3.1bn-equivalent of debt into more than €20bn of demand.

    • 11 Jun 2020
  • Banks lift lid on huge pool of demand for new AT1s

    ABN Amro and Commerzbank have proven that the additional tier one (AT1) market is wide open for business, after they clocked up more than €17bn of combined demand for their two new deals on Monday.

    • 08 Jun 2020
  • Markets 'good enough' for FIG pipeline to carry on building

    Deal arrangers said on Monday that banks would not be dissuaded from bringing new bond deals to the market, though spread levels have started showing their first signs of weakness following an extraordinarily strong month in May.

    • 01 Jun 2020
  • Rabo confirms appetite for ECB funding, IFRS 9 relief

    Rabobank said on Wednesday that it would take advantage of various EU schemes of funding and capital support, as it provided the market with an ad hoc update on its financial position during the coronavirus pandemic.

    • 20 May 2020
  • CS underlines favourable market conditions with uncommon trades

    Credit Suisse has become the first Swiss bank to issue a green bond in the euro market, and has also marketed a rare floating rate note. The trades were testament to improving market conditions and the ability for strong names to sell less common products.

    • 12 May 2020
  • Markets cool on call risk as Rabo redeems AT1

    Rabobank exercised a call option on one of its outstanding additional tier ones this week, with market participants expecting redemption to become the rule rather than the exception during the coronavirus crisis.

    • 01 May 2020
  • National champs start to play as second tier on sidelines

    Banco Santander and Rabobank led senior bond supply in Europe this week, both issuing well-received non-preferred deals while Crédit Mutuel Arkéa went for the preferred format. National champions and other strong banks are lining up to issue while market conditions are conducive for deals, but lesser credits remain on the sidelines.

    • 30 Apr 2020
  • Call options in vogue as Rabo reopens market for Dutch banks

    Rabobank has become the first Dutch bank to enter the credit markets in over two months, after launching a non-preferred senior bond on Wednesday. The issuer tacked on a call option, which bankers say are cheap to deliver in the market at the moment.

    • 29 Apr 2020
  • Santander builds MREL as investors respond well to Q1 results

    Banco Santander wasted no time in heading to the non-preferred senior market this week, with investors responding well to the way in which European banks have been dealing with the coronavirus pandemic in their first quarter results.

    • 29 Apr 2020
  • Spread tightening boosts FIG senior pipeline

    Spreads in the financial institutions bond market have sprung back to more ‘normal’ levels lately, but issuers may have to wait a little while longer before capitalising on the improvement in conditions, given that many of them are side-lined by earnings blackouts.

    • 27 Apr 2020
  • SG pays up to issue amid French bail-in supply rush

    Société Générale continued the streak of French bail-in bond issuance on Wednesday but had to pay a higher new issue premium compared to its compatriots.

    • 15 Apr 2020
  • Market plays down T2 call risk as UniCredit calls bond

    UniCredit has said that it will redeem €2.5bn of tier two capital next month, with regulators allowing banks to manage their debt capital stacks freely during the coronavirus crisis.

    • 07 Apr 2020
  • New Zealand bans dividends and T1 redemptions

    The Reserve Bank of New Zealand will prevent its financial institutions from redeeming subordinated bonds during the coronavirus pandemic, putting itself in contrast with other parts of the world, where banks remain free to manage their debt capital as they see fit.

    • 02 Apr 2020
  • BoE gives UK banks no choice but to suspend dividends, bonuses

    The Bank of England threatened to use its ‘supervisory powers’ on UK banks if they did not agree to suspend dividend distributions this year and stop paying cash bonuses to staff. The instructions do not apply to the equity-like CCDS instruments issued by building societies.

    • 01 Apr 2020
  • ECB dividend guidance forces reassessment of AT1 coupon risk

    Market participants are debating whether the risks to additional tier one coupons have risen or fallen after the European Central Bank urged banks not to pay equity dividends for at least six months.

    • 30 Mar 2020
  • Books bulge after BoA reopens FIG with big numbers

    Bank of America reopened the market for financial institution bonds in euros this week and was followed by a slew of other deals as investors welcomed wider spreads and new issue concessions.

    • 26 Mar 2020
  • Lloyds blows out as UK and US banks reveal the new cost of doing deals

    New senior bank bonds are proving attractive to investors at about 40bp-50bp or more over secondary levels, with UK issuers Lloyds and HSBC joining US peers in returning to the new issue market this week.

    • 25 Mar 2020
  • Senior bonds in ‘no man’s land’ as banks shun tough markets

    European banks are steering well clear of new issue markets during the coronavirus pandemic, avoiding having to call on investors for funding by taking advantage of attractive central bank funding schemes.

    • 23 Mar 2020
  • EU corona bonds: the key questions

    Could EU member states finally come together to issue a common debt instrument? In this article, GlobalCapital takes a look at the key issues.

    • 20 Mar 2020
  • FIG market confounded as volatility reigns

    FIG DCM officials say it is impossible to tell when banks could return to selling unsecured debt, with markets locked in a period of extreme volatility and uncertainty.

    • 16 Mar 2020
  • Scant comfort for FIG market from ECB virus response

    The European Central Bank failed to cheer bank debt investors with a stimulus package at the end of a difficult week that saw credit spreads soar. However, some analysts think that the ECB offered more than was immediately apparent, with its moves amounting to €800bn of capital relief.

    • 12 Mar 2020
  • Analysts debate bank fundamentals as pandemic panic deepens

    Spreads on bank bonds were sent shooting wider again on Thursday, caught up in further negative news around the Covid-19. But market participants are still unsure about how much of impact the pandemic will have on bank credit quality, with the sector already facing pressures over profitability.

    • 12 Mar 2020
  • Volatility ramp kills bank issuance hopes

    Volatility in the financial institutions bond market drove spreads even wider on Monday as a crash in the price of oil added to fears over the extent of the coronavirus outbreak. It was enough to close the primary bond market for the foreseeable future, said market participants.

    • 09 Mar 2020
  • CEO drama unlikely to dent ING AT1 demand

    ING left its investors bemused on Wednesday, when it decided to pull the additional tier one (AT1) bond it was marketing on the basis of undisclosed information it had received. After the news of its chief executive’s move to UBS quickly became public, the door was left open for the bank to complete the trade.

    • 20 Feb 2020
  • Intesa splits AT1 needs with dual-trancher in euros

    Intesa Sanpaolo chose to split an additional tier one (AT1) deal into two tranches on Thursday, with one eye on the secondary performance of the bonds and the other on the maturity profile of its debt capital stock.

    • 20 Feb 2020
  • IFIS hits senior market amid Italian bank bond rally

    Banca IFIS sold a senior bond this week, as Italian bank bond spreads rallied following Intesa Sanpaolo’s takeover bid for UBI Banca.

    • 18 Feb 2020
  • Banks look to restart after busiest January in nearly a decade

    Near-perfect market conditions could lure European banks back into the capital markets quickly this month, even though the sector has just come through its busiest January in close to a decade.

    • 06 Feb 2020
  • SEB hits euros as banks return from blackouts

    SEB found calm conditions in the euro market this week as it paid a small new issue premium to launch a bail-inable senior bond on the back of its recent results announcement.

    • 04 Feb 2020
  • European banks come through busiest January in nine years

    European financial institutions have made their fastest start to a year for nearly a decade, front-loading their funding plans to make use of incredibly favourable conditions in the primary market for bonds.

    • 03 Feb 2020
  • Bankinter lands ‘phenomenal’ result on green debut

    Investors embraced a rare offering of non-preferred senior notes from Bankinter this week, with the Spanish issuer making its debut in the green bond market.

    • 30 Jan 2020
  • Santander parts with ‘sensible’ premium ahead of busy TLAC schedule

    Banco Santander included a small premium in the pricing for its latest non-preferred senior bond this week, as the bank looked ahead to a busy year for issuance in the asset class.

    • 30 Jan 2020
  • ECB: two banks remain in breach of P2G capital demands

    The European Central Bank (ECB) confirmed this week that it asked two financial institutions to take “remedial actions” to meet guidance levels of Pillar 2 capital.

    • 28 Jan 2020
  • MPS foreruns threat of Italian political vol

    Banca Monte dei Paschi di Siena wrapped up its second deal of the month on Tuesday, capping off a busy period for Italian deal flow in advance of important regional elections.

    • 23 Jan 2020
  • PGH proves popular amid lack of RT1 supply

    Investors flocked to a rare offering of restricted tier one (RT1) capital from Phoenix Group Holdings this week, allowing the insurance company to tighten pricing by 37.5bp. The bonds will form part of the financing for the UK firm’s acquisition of ReAssure Group from Swiss Re.

    • 22 Jan 2020
  • LBBW raises £500m with first ever green sterling non-pref

    Landesbank Baden-Württemberg (LBBW) became the first issuer of non-preferred senior bonds in green format in sterling this week. The German lender took advantage of favourable market conditions to print in line with other recent sterling issuers.

    • 22 Jan 2020
  • KBC secures tight pricing on 'opportunistic' return to senior

    Investors did not want to miss out on the senior bond marketed by KBC Group on Tuesday, as the issuer seized on strong market conditions to extend its credit curve and launch a deal at what many saw as fair value.

    • 21 Jan 2020
  • Monte offers ‘juice’ in swift return to euro market

    Banca Monte dei Paschi di Siena was marketing a new senior bond in the euro market on Tuesday, a matter of days after it completed its capital raising plan with a tier two sold at 8%.

    • 21 Jan 2020
  • LBBW mandates leads for first green sterling non-preferred

    Landesbank Baden-Württemberg (LBBW) is set to become the first issuer of green non-preferred senior paper in the sterling bond market, as well as the first financial institution to include sustainability ratings in a new deal mandate.

    • 17 Jan 2020
  • 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.

    • 14 Jan 2020
  • Banks flock to sterling in 'delayed reaction' to Brexit election

    Foreign and domestic banks flocked to the UK this week as they sought to take advantage of stellar funding conditions in the sterling market. Bankers said this was the first chance issuers had to benefit from opportunities in the currency following December’s general election, which removed a lot of short-term uncertainty around Brexit.

    • 09 Jan 2020
  • ABN and Deutsche diversify into sterling with new senior trades

    ABN Amro and Deutsche Bank opened books on new senior deals in the sterling bond market, with bankers recognising that the currency is 'working very well' for international names.

    • 09 Jan 2020
  • Banks find value in sterling as pricing converges on euros

    BNP Paribas and Danske Bank were looking to raise non-preferred senior debt in the sterling market on Tuesday, with the cost of funding in the currency having fallen into line with euro pricing levels.

    • 07 Jan 2020
  • Rabo kicks off 2020 by targeting debut non-pref in sterling

    Rabobank opened books on its first ever non-preferred senior deal in sterling on Monday, as it sought to take advantage of a general lack of a supply in the currency over the course of the last couple of months.

    • 06 Jan 2020

All International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 484.27 1875 9.11%
2 BofA Securities 412.74 1585 7.76%
3 Citi 410.70 1546 7.72%
4 Barclays 291.36 1164 5.48%
5 Goldman Sachs 283.57 1020 5.33%

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 15.02 99 9.43%
2 Goldman Sachs 14.42 78 9.06%
3 Morgan Stanley 13.92 61 8.74%
4 Citi 11.78 66 7.40%
5 BofA Securities 11.22 56 7.05%