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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Arion Bank showed its eagerness to issue additional tier one (AT1) capital on Thursday as Icelandic banks get ready to benefit from a change in the national tax treatment of the instruments. -
Piraeus Bank took advantage of the recent hunt for yield in the euro market this week, pricing a new tier two with a yield of 5.5% on Wednesday. The €500m bond was eight times subscribed, which is testament to the prevailing hunt for yield in the bond market.
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UniCredit was greeted with more than €7bn of demand for a new additional tier one in the euro market on Wednesday, as the bank appeared to take its first steps towards including subordinated debt as part of its stack of Pillar 2 capital.
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The yields on bank bonds have reached their lowest ever levels in recent weeks, thanks to meagre issuance and accommodative central bank policy. These conditions mean investors can see the silver linings, but not the clouds — and there are plenty — behind them.
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Deutsche Bank has unveiled plans to sell its first additional tier one (AT1) in more than five years, with market participants now expecting the German lender to call a bond that had once seemed certain to be left outstanding.
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Piraeus Bank has mandated lead managers for the sale of a new tier two, as it looks to follow the success of its compatriot Alpha Bank. Greek banks have emerged as big winners in the secondary market recently, with investors shrugging off risks and focusing on ‘only the positives’.
