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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks
◆ Infrequent issuers achieve tight pricing... ◆ ...but lose a third of orders ◆ Investors may demand more NIP on deals from next week
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Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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◆ Market reaches new equilibrium after swift spread widening last week ◆ Issuers pay 5bp-15bp of NIP on the day ◆ Long end especially popular as 10 year deals account for half of senior volume -
BPCE, Mediobanca and BayernLB all delivered on mandates revealed last week
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CEE financial institutions likely to be busy issuers again in 2024
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◆ SSAs throw etiquette out of the window in rapid start to year ◆ Banks blind-sided by sudden correction ◆ Mixed fortunes for corporate issuers
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Mediobanca, BayernLB, BPCE reserve primary market spots as others are expected to bring a deluge of issuance next week
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◆ European banks lead issuance with focus on senior funding ◆ Market wobbles prove funding more challenging than expected ◆ Foreign banks’ capital raising is one prominent feature
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
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