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◆ First leg of financing for Aegon UK acquisition ◆ Popularity of FIG capital attracts large demand ◆ Deal seen with negative new issue concession
◆ Investors taking 'optimistic' view of UK politics ◆ Issuer benefits from shortage of tier two supply in sterling ◆ Single digit premium paid
Deal comes after UK new issue spreads have softened
Data
Beyond the proposed lower leverage ratios, new frameworks may give banks more flexibility at times of stress
Recent Unicaja tender and new issue prompts talk of wider adoption of debt management technicque more popular in US market
Banks are well advanced with funding, but spreads could encourage pre-funding of subordinated capital
Europe’s regulator proposes preserving capital requirements while trimming the complexity that hampers cross-border M&A
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KKR is securitizing PayPal loans in a deal that could be template for the asset class -
Foreign bank quartet goes big in senior and capital issuance ahead of US bank earnings
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◆ Minimal attrition ◆ Follows last week's deal from Italian public issuer Istituto per il Credito Sportivo ◆ Priced flat to fair value
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Credibom priced a Portuguese auto loan ABS, as Ayvens priced a French auto lease ABS
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He will report to Barry Donlon, head of global debt capital markets
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Bookbuilding slower than normal due to the restart of war between the US and Iran
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