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◆ Deal is joint tightest in the asset class since October 2021 ◆ Finishes with larger book than Nordea's November 2025 outing ◆ 'Flight to quality', outright rates and search for sub paper power strong outcome
◆ RBC's second euro dual trancher of the year ◆ Takes large size in very busy market ◆ 'Nice' to price 4NC3 10bp inside Morgan Stanley, lead says
◆ First RT1 since January ◆ Huge order book with no attrition ◆ High-beta appetite increases further down the capital structure, lead says
Data
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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◆ IG investors comfort eat sweet spreads ◆ What can FIG issuers do now? ◆ US HEI securitizations: mainstream or flash in pan? -
Société Générale and Viseca unearthed strong demand for senior sales
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Senior issuance to come to the fore as higher rates deter covered bonds and subordinated funding
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The yield curve is less inverted but it brings no relief to duration fiends
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◆ French bank raises ¥167bn thanks to loyal investors ◆ Its regular visits in the Japanese market are rewarded ◆ Cross-border yen issuance resilient in the face of rates volatility
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◆ UK life insurer doesn't fully cover €500m seven year note ◆ Syndicate struggles to tighten as demand falls short ◆ Volatility and lack of name recognition blamed
Polls and awards
The awards recognise the market's leading deals, issuers, banks and other participants
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
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