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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An innovation from Nationwide Building Society in the additional tier one market this week was almost overshadowed by the blowout performance of its new £600m issue. But FIG experts suggest the new feature, which gives issuers greater leeway to call bonds at first instance, might have popular appeal in the market. -
Italian banks from across the spectrum of credit quality have accessed debt capital markets this week, as they enjoy funding costs that might not have seemed possible in the middle of the term of the country’s previous government.
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Barclays has become the second financial institution to issue an additional tier one (AT1) in the sterling market this week, supported by a quiet backdrop in UK politics and healthy investor demand. The issuer was 7.5 times subscribed for its £1bn deal.
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Nationwide Building Society raised £600m of additional tier one (AT1) capital this week with the help of strong support from sterling investors, some of whom were pleased to see that the UK lender had developed a more efficient method for calling and refinancing deals in the asset class.
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Nationwide Building Society was more than six times subscribed on its return to the additional tier one (AT1) market on Tuesday, revealing the extent of investors’ appetite for the asset class.
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ASR Nederland has asked its bondholders for permission to increase the size of its only restricted tier one (RT1) from €300m to €500m — a move that the Dutch insurer hopes will increase the ‘tradability and liquidity’ of the subordinated debt instrument.
