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Most recent/Bond comments/Ad
Most recent
Gulf AT1 issuance is much higher than last year, tiring out investors
◆ Italian lender achieves tight spread, pays 'generous' concession ◆ But book building deemed slower ◆ Some tier two fatigue creeps into market
Banker had been at NatWest for three years
This is its first ABS deal since November 2023
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◆ Deal heavily oversubscribed, allowing for 62.5bp price compression ◆ Restarts RT1 funding for European insurance sector in an expected busy year ◆ Differing views on fair value -
A fellow Hungarian bank and a Kazakh debutant are preparing dollar bonds
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◆ French banks paid minimal NIPs at start of 2025 ◆ Pace of issuance began slower than 2024 ◆ Volumes increase as US banks arrive
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◆ Bankers expect much issuance of insurance capital ◆ Big redemption and capital positoning suggest RT1 preference among borrowers ◆ Achmea underlines trend as it will refi granfathered T2 with RT1
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◆ Huge final orders as company diversifies into euros ◆ Flat or negative concession offered ◆ Dollar and euro comparables used for pricing
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Recent buy-side entrants have left lasting impact on market but wave of newbies may be nearing its end
