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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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Investors backed a small additional tier one deal from Jyske Bank on Wednesday, allowing the Danish bank to squeeze its coupon into a tight level. -
Piraeus Bank is monitoring market conditions for an additional tier one (AT1), which would be the first deal of its kind out of Greece. The issuer no longer requires as much debt capital following a share capital increase late last month. It had thought it would need as much as €600m in AT1 format.
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UBS Group made a swift return to the dollar bond market on Tuesday, as it went in search of an additional tier one transaction a day after raising $3bn of senior unsecured debt.
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Sterling investors poured more than £5bn of orders into deals from NatWest Group and Bank of America on Tuesday, showing issuers that there is plenty of liquidity to put to work in the UK currency.
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UniCredit will skip a coupon on one of its legacy capital instruments this month, after stating that a net loss in 2020 means it no longer needs to make the payment. Investors were surprised by the decision, which many saw as a U-turn.
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Evidence suggests European lenders are a little too optimistic about the quality of their credit exposures after the pandemic.
