Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
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◆ 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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European banks don’t believe they have a free option to extend the lives of their additional tier one (AT1) securities, despite the apparent success of Banco Santander’s call policy. -
Unione di Banche Italiane was close to 14 times subscribed for a €400m additional tier one (AT1) in the euro market on Monday, as it capitalised on expectations of scarce supply in the asset class. The debut deal means the bank will become the fourth Italian issuer of AT1 capital.
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BBVA founds itself alone in the euro FIG market on Friday as it launched a €1bn tier two bond on the back of €4bn of demand. The deal caps off a busy week for supply, in which investors have shown out-sized demand for the highest yielding transactions.
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A big first week back for FIG issuers has seen many of them break with tradition and prioritise their riskiest transactions, feeding them into an investor base that is abundant with cash and hungry for yield, writes Tyler Davies.
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Investors placed €10bn of orders behind a new additional tier one from Banco Santander on Thursday, as the Spanish bank put an end to a long-running drama over its redemption policy by calling a bond it extended multiple times in 2019.
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BNP Paribas and UniCredit were each more than twice subscribed for new tier twos on Wednesday, as banks launched into sales of subordinated bonds more quickly than usual at the start of the new year.
