Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Revival of high LTV mortgage lending is creating an opportunity for more SRT and deconsolidation transactions
◆ Austrian lender's biggest capital deal for more than five years ◆ Higher yielding offering piques investor interest ◆ Return to subordinated green issuance
Market reopens with the first public ABS deal since July 24
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
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More articles
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BNP Paribas this week set a new record low for an additional tier one (AT1) coupon issued from a European bank in the dollar market, raising $1.75bn amid heady demand for the product. Iceland’s Arion Bank was also in the market, chipping in with a $100m deal ahead of beneficial domestic tax changes. -
Intesa Sanpaolo chose to split an additional tier one (AT1) deal into two tranches on Thursday, with one eye on the secondary performance of the bonds and the other on the maturity profile of its debt capital stock.
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ING Groep postponed the sale of an additional tier one after clocking up $11bn of demand in the dollar market on Wednesday. At the same time, Arion Bank was looking to launch a $100m deal in the same format — the lowest volume on record in dollars.
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BNP Paribas was guiding investors towards a coupon in the 4.75% area for a new additional tier one (AT1) on Tuesday, as it looked to price its deal at the lowest level ever acheived by a European bank in the dollar market.
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Intesa Sanpaolo caught the market by surprise when it launched a takeover bid for UBI Banca on Monday night. The announcement sent credit and equity valuations surging higher, with investors pinning their hopes on consolidation in the Italian banking sector.
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Deutsche Bank secured a remarkable comeback this week with its first additional tier one transaction in nearly six years. But investors are now asking themselves whether the German lender’s next move in the asset class will be to extend the life of one of its outstanding bonds, writes Tyler Davies.
