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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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◆ High yields pull investors into local currency AT1s ◆ SR-Bank to use proceeds to refinance March AT1 call ◆ Will hold tender for existing bond to reduce cost -
◆ What the most senior debt bankers in the world believe about next year ◆ Who's eating Credit Suisse ◆ If a property company falls in the forest and doesn't make a sound...
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In a year dominated by the collapse and takeover of Credit Suisse, financial institutions were keen to re‑establish investor confidence in some of the riskier asset classes. Axa led the way just weeks after the CS rescue with a €1bn subordinated bond. In the autumn, UBS made a bold statement about the stability of Swiss bank capital as it returned to AT1 issuance with two $1.75bn tranches. Elsewhere, banks dealt with tricky conditions and pulled off some skilfully timed transactions, underlining the market’s faith in mainstream currencies and emphasising the appeal of ESG labels
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Rate peak joy soothes angst over Austrian collapse, but losses will surface
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◆ Rate cut expectations raise appeal of bank debt ◆ NBC and Ally Financial push annual issuance to $593bn ◆ Yankee and US regional banks expected to lift supply in 2024
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Despite prevailing bleak sentiment from expensive Pfandbrief issuers, the market is bracing for the reopening of the long end of the market
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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