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◆ Record sized sterling deal for an Australian bank ◆ Achieves pricing inside equivalent euro level, lead says ◆ Follows record earnings
◆ Deal follows same structure as SEB's Monday trade ◆ Market conditions made for 'easy' go/no-go decision ◆ Low new issue premium
◆ Capital trade attracts investors for juicy return in tight market ◆ Slightly longer 11NC6 structure chosen for triple digit spread and 4%-plus yield ◆ Deal cleared at low single digit concession
Siena deal is backed by a $1.5bn portfolio
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The Australian bank took a large chunk out of its tier two programme with a local currency deal. -
Market participants expect financial institutions will step up their focus on labelled issuance after the summer break, though supply has already shot past the full year volumes for 2020.
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Credit investors are pleased with how banks performed in the EU stress test, though the sector lost more capital on average than it did in the previous exercise in 2018. The market was even sanguine about Banca Monte dei Paschi di Siena, which will be able to stick to its ‘fallback’ plan despite losing all its capital under the adverse scenario.
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Standard Chartered opened books for a dollar additional tier one (AT1) bond on Tuesday, pairing the new issue with an early tender for its perpetual non-call April 2022 note.
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The rating agency said the bank's tier twos were at a high risk of default because of UniCredit's takeover offer
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Peripheral European banks have dramatically outperformed their core European peers in the additional tier one (AT1) market this year, with market participants suggesting core names should therefore still have plenty of room left to rally.
