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◆ First FIG sterling deal in a month ◆ 'Staggering' £4.2bn book from global accounts ◆ Door open for future sterling issuance
◆ Issuer took advantage of attractive euro funding levels ◆ 'The best quality name you can buy,' lead says ◆ Premium paid
Spreads are back at pre-Iran war levels, but still offer a premium to western Europe
Data
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
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
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Tight spreads are offering attractive funding climate for foreign as well as diverse US financial institutions, including those exposed to private credit -
Novel note piques investor interest but costs and dollar funding needs to preclude a European funding rush
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The deal is backed by mortgages originated by Quantum Mortgages
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Santander also priced what looks to be the only euro ABS deal this week
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◆ Issuer was looking to come to market from Monday ◆ Lead says order book 'highest quality' seen on recent trade ◆ Low single digit concession
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The duo were the first AT1s from the GCC since Emirates NBD's reopener in April
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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