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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars
Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks
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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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◆ Issuer stays in senior format as European peers opt for raising AT1 capital ◆ State Street adds rare tier two to funding mix ◆ Conducive market may stretch FIG issuance after Thanksgiving into December -
Sub-benchmark covered bond cannot be tightened as attractive window closes
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◆ Nordea's deal shows greemium is alive in the FIG market ◆ Pricing was flat to fair value thanks to robust demand ◆ Bawag uses tender to reallocate old investors into new €400m tier two refinancing
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◆ Fourth deal in a little over a week will add to $6.5bn of AT1 issuance ◆ Comes just a day after Barclays garnered huge response for its tightly priced trade ◆ Santander seen focusing on achieving lower yield
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◆ Macquarie Group's first euro senior deal in almost two years ◆ Aussie name likely lured investors ◆ S-Bank issuing euro FRN
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The books are covered at the final guidance of €5.30 a share, say sources
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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