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◆ Follows RT1 from Crédit Agricole ◆ Still ample demand for insurance capital, rival banker says ◆ Cardif's third capital trade since November
◆ Insurer's debut in euros, having issued in US dollars and sterling ◆ Took larger end of size range ◆ Deal offers relative value to Aussie banks, lead says
◆ UK bank's first European opco deal in more than five years ◆ Higher real rates spurred demand for short-dated assets ◆ Larger FRN clears with no premium
Data
Currency's higher yielding appeal has lured investors across the capital stack
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
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◆ Tight prices available for banks in dollars ◆ Wells Fargo joins Jefferies with $8.5bn dual tranche whopper -
Capital markets is a human relationships business. The people that forge these ties need time to recharge and rebuild, or they risk mistakes after a turbo-charged half year
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Dealers are long of the same deals which are better offered in euros
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The failure of SVB and CS were a prelude to a wider credit meltdown
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◆ 'Aggressive' 37.5bp tightening pays off ◆ Pricing close to Greek banks yet size largest for issuer ◆ Yield hunters latch on to 'niche' issuers
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Borrowers could be tempted to follow but would need to move this week
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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