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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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Investors confident after US CPI print lap up deals at 4bp-5bp NIPs -
◆ Strong market sentiment backs new deal and potential FIG issuance as spreads tighten ◆ Views on NIP differ but SG's outcome was unanimously 'very good' ◆ Austrian and Australian issuers on the way
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◆ Issuer takes advantage of red-hot sentiment post-CPI ◆ Higher yielding bank capital prices moved up, including a similar AT1 from Barclays ◆ Strong demand suggests tight pricing eyed
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◆ Key investors snub senior non-prefs ◆ Real money buyers seemingly happier with lower credit, higher spread ◆ Landesbank Berlin non-benchmark deal gets better reception
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Dealers away say rich pricing versus Pfandbrief led to disappointing orders
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◆ Deal comes amid pronounced bid for yield ◆ Pricing new deal inside 12% seen as 'good result' ◆ Issuer combines tender of old bond five months ahead of early redemption
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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