Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Barclays pushes 'very impressive' AT1 flat to fair value after becoming net negative AT1 issuer ◆ Pension Insurance Corp follows euro peers with tier two ◆ 'Horribly undersupplied' investors pile in orders
◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls
Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others
◆ Both transactions land below fair value ◆ Appetite for tier two shows ‘market in good shape’
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◆ French bank pulled its €500m capital funding in early January amid crowded market ◆ New deal offers some call premium compared to the earlier bullet note ◆ Clears with up to 5bp-10bp new issue premium -
New issue premiums increased in the second half of April amid shifting rates expectations
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◆ Issuance may be concentrated on Tuesday after a single deal on Monday ◆ Prospects for euro paper brighter than dollars ◆ AT1s in any currency likely to do well in this market
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European financial institutions — already facing a narrow issuance window over the next couple of weeks — must also navigate renewed rates volatility
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◆ Volatility spikes across markets and asset classes ◆ Citi differentiates from peers by funding at short end too ◆ Amex shows demand for FIG bonds as it issues senior and subordinated debt with negative NIP
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◆ Achmea proves appetite for higher beta tier two ◆ HCB senior preferred 3.6 times covered ◆ 'Senior issuance is still working'
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◆ Investors look to pick up spread through subordination rather than stay safe in senior ◆ Credit Mutuel's insurance arm brings deal ◆ But price on Crelan's 10 times covered tier two causes consternation
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◆ First euro AT1 in almost two months ◆ Demand is strong but premium required ◆ Changed balance between investors and dealers
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◆ GACM 'a good name' and should garner orders ◆ Crelan had delayed debut last week ◆ Investors may turn to tier two for spread, though some bankers less constructive
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Investors are ready to embrace unsecured bank debt yet again — but at double digit new issue concessions
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◆ Money centre banks drive $25bn-plus three-day issuance rush ◆ Goldman first refinances capital with new, cheaper deal and then returns for senior funding ◆ RBC debuts its most subordinated debt in US dollars
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◆ Swiss finance minister suggests $10bn-$25bn additional capital for the single largest bank ◆ Equivalent to increase of 20-30% CET1 ◆ Changes ‘broadly positive’ for bondholders, but AT1 spreads could face pressure
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◆ Global markets search for clues on how long before US rates are cut ◆ Fed path deemed more important than Middle East conflict in dictating primary market tone ◆ Pipeline across capital stack once clarity emerges
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◆ UK's biggest building society kicks off FY 2024 issuance programme ◆ Treasury deputy Collins on 'never being a forced issuer' ◆ Nationwide and Virgin Money combined issuance needs under consideration
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Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
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◆ Investors show price-sensitivity in build-up ◆ Seven times subscribed ◆ Final spread ‘was sensible’, say leads
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◆ BNS ‘showed confidence’ in euro senior bail-in ◆ Atradius ‘benefits in current market’ ◆ Sterling issuance eyed on ECB day
