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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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FIG deal arrangers breathed a sigh of relief as the European Central Bank doubled down on its support for bonds this week. They expect to be able to build on the ECB’s latest statement, following a tricky period for primary credit markets. -
A flurry of Swiss franc issuance dusted the market this week, as domestic and foreign borrowers entered a more settled market.
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Bank issuers are increasingly interested in the idea of selling tier two bonds in green formats. But green additional tier ones are unlikely to bloom.
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Lancashire Holdings issued its first subordinated bond this week, a Reg S dollar tier two. There has been a near complete absence of insurance capital trades from the euro and dollar markets so far this year, but bankers are confident that more will follow.
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NatWest Group returned to the sterling market on Tuesday to print its second additional tier one (AT1) deal in the currency, just four months after its first.
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CaixaBank was well supported for the sale of a new €1bn tier two this week, becoming only the fourth European bank to issue a capital transaction in green format.
