Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
French bank is marketing the only two deals in ABS primary
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
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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’. -
Greek banks looking to bring new bonds will do well to follow Alpha Bank’s example, when on Thursday it sold its inaugural tier two bond. Backed by thorough investor work and supportive market conditions, the Greek lender’s new bond exceeded yield and demand expectations.
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Conditions for issuance in the additional tier one market may be more attractive than ever, but there’s still good reason for some bank treasury teams to bide their time.
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Alpha Bank was more than 10 times subscribed on its debut in the tier two market on Thursday, allowing the speculative grade Greek lender to tighten its pricing by up to 100bp and land at an impressive coupon level of 4.25%.
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Barclays surprised some market participants this week when it said that it would not be calling one of its legacy tier one securities at its first call date in March.
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The Bank for International Settlements published a paper this week in which it suggested that supervisory authorities might need to introduce ‘prudential backstops’ to ensure that banks are valuing Level 3 assets appropriately.
