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◆ Both borrowers undertake roadshows to market inaugural bonds ◆ Timed to beat weekend and take advantage of improved sentiment ◆ Standard maturity targeted
Smaller order books and tighter new issue premiums characterise new phase
Foreign bank issuers secure tight pricings
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Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
Come May, current dollar market's gain may turn into euro pipeline's pain
European Central Bank's more 'balanced' tone may offer reprieve for bond execution
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◆ Gulf issuers turn to private markets ◆ Public sector and corporate borrowers to bring forward plans ◆ Banks re-enter covered and unsecured funding markets -
Korea Land and AIIB pick off small Swissie trades
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◆ UK lender chooses home market for first major bank capital deal in sterling or euros in nearly two months ◆ Similar absence of unsecured FIG issuance ◆ Tier two best positioned for sterling restart, says lead
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◆ New deal launched at very similar fair value to previous one from September ◆ Italian bank pays higher NIP than before ◆ Timing a consideration as ceasefire sparks rally
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◆ Portuguese bank tightened spread by 3bp ◆ First covered from issuer since October ◆ Banker said this is 'good level for issuer'
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◆ Issuer attracted order book of €1bn ◆ Bid-to-cover ratio was consistent with recent precedents◆ Fair value not easy to establish
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The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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