Euro
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◆ Strong market supports AT1 return ◆ Lower funding, dedicated investors likely behind the infrequent issuer ◆ Will it be a true market reopener? -
◆ Holdco senior issuance is more common in the US ◆ European novelty meant longer lead time ◆ Investors liked it and bought more
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CH Guenther pays a narrower OID as euro market becomes more competitive against the dollar
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With spreads near year's tightest, banks may step up unsecured funding but investors may not be keen on low spread products
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The issuers want to be frequent visitors to the euro market and, more importantly, evolve into SSAs
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ECB and Fed meetings next week could throw sentiment off in final weeks before summer breaks
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Growing team adds former Nomura FIG DCM banker
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Higher risk companies are finding enthusiastic demand
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Issuers offer 200bp-plus spreads and win chunky demand with maligned ESG structure
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◆ Two issuers and two strategies ◆ Spread to differentiate as 'incremental fatigue' sets in ◆ Mixed expectations for June
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◆ Spanish firm goes for price over size ◆ Slim 10bp concession needed to seal the deal ◆ Book builds appearing slower as the week progresses
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The 'summer break' is not as sacrosanct as some might think
