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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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◆ US bank garners new milestones after more than two years away ◆ Issues during a weaker day ◆ Pays higher spread and concession to larger US peers -
Market stress so far confined to consumer credit and SMEs across region
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◆ Second public sterling covered bond secured against BTL mortgages ◆ Spread gap compressed versus prime covered bond peers ◆ Small premium paid
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The portfolio is made up of Solar (64.55%) and heat pump (35.45%) receivables
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Japanese insurer sells 4.3m shares in German group after 15 year partnership ended last year
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Buyers are tiring of Gulf capital trades after a busy first half
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