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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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Spanish lender Bankinter paid a visit to the tier two market for the first time in four years on Tuesday, raising €750m of capital while paying next no new issue premium. -
French insurer Macif hit all the subordinated formats available to insurance issuers on Monday, as it attracted a bumper €14bn book for a triple tranche deal to fund its acquisition of Aviva France.
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Three European banks are lining up trades to finance their environmental, social and governance (ESG) objectives this week, with more than half of euro FIG bond issuance arriving in labelled formats in June so far.
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Yankee borrowers found swift execution and deep liquidity as they peppered the dollar market this week, with ABN Amro and Svenska Handelsbanken each printing debut non-preferred senior trades in the currency.
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Piraeus Bank showed the depth of investor demand for high-yielding bank debt this week when it brought the first additional tier one (AT1) out of Greece with one of lowest ratings ever seen in the market. Greek banks are now expected to turn their attention to the minimum requirements for own funds and eligible liabilities (MREL), where green labels and sustainability-linked structures could help them achieve their goals.
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Investors had plenty of appetite for a super-high yielding additional tier one from Piraeus Bank this week. Will they still be hungry when Greek banks try and issue large volumes of senior debt for their regulatory requirements?
