Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
'Great' market conditions are not immune to central bank surprises and fund inflow changes
VW also priced UK car loan deal, increased to £750m
◆ Both issuers shake off different macro uncertainties ◆ Geopolitical spike no hindrance for RBI's AT1 refi ◆ Société Générale erases concession despite French political risk
The issuer plans on returning to the market next year with another multi-country auto deal
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◆ Deal sizes demonstrate investors’ ample appetite for FIG subordination ◆ ING tier two clears at FV while riskier Santander and Erste AT1s come with ‘strategic’ premium ◆ Both euro AT1 issuers launch simultaneous tenders ahead of AT1 calls -
Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others
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◆ Both transactions land below fair value ◆ Appetite for tier two shows ‘market in good shape’
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◆ French bank pulled its €500m capital funding in early January amid crowded market ◆ New deal offers some call premium compared to the earlier bullet note ◆ Clears with up to 5bp-10bp new issue premium
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New issue premiums increased in the second half of April amid shifting rates expectations
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◆ Issuance may be concentrated on Tuesday after a single deal on Monday ◆ Prospects for euro paper brighter than dollars ◆ AT1s in any currency likely to do well in this market
