Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Deal starts with 'intentionally' lower new issue concession than peers ◆ Slower book building may influence this week's tier two issuance ◆ Pre-funding ahead of French elections results in desired €750m size
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
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Investors flocked to a rare offering of restricted tier one (RT1) capital from Phoenix Group Holdings this week, allowing the insurance company to tighten pricing by 37.5bp. The bonds will form part of the financing for the UK firm’s acquisition of ReAssure Group from Swiss Re. -
Investors have been showing a clear preference for subordinated bank bonds in the primary market, with the valuations for more senior asset classes having been squeezed into extraordinarily tight levels in 2020.
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Jyske Bank offered a small new issue premium to investors in a tier two offering in euros this week, taking the opportunity to optimise its capital structure in favourable market conditions.
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Issuers of additional tier one (AT1) capital have been more than 10 times subscribed for new deals on average in 2020 so far. This week's euro trade from Erste Group was no exception, with the €500m bond attracting €6.25bn of orders and a 'phenomenally tight' coupon.
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Credit Suisse became the first issuer of additional tier one (AT1) paper market in dollars this year, seizing the high levels of appetite for this asset class to print through fair value.
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The stars have aligned for Banca Monte dei Paschi di Siena following its rescue by the Italian state. It is hard to see how other banks could be so fortunate.
