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◆ Greek bank's first deal of the year ◆ Issuer took advantage of an empty market ◆ Priced with 5bp-7bp of new issue concession
Concessions have tightened for both capital and senior trades, as technical conditions favour FIG issuers
◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars
Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
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◆ UK lender raises $4.5bn-equivalent in five senior holding company tranches this week ◆ Both deals target long dated funding ◆ Despite secondary widening, euro offering lands with hardly any premium -
◆ Insurance companies anchor long dated green tranche with near-4% yield ◆ Curve extension debated ◆ Deal comes amid widening secondary spreads but lands with negligible premium
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◆ 52bp reoffer equals Nordea’s multi-year record ◆ ‘Insane’ levels show FIG spread compression, rival banker said ◆ Buy-and-hold investors prioritised
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Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
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◆ Second ever bond for the issuer ◆ Deal marketed to both SSA and credit investors ◆ Offers potential for tightening on the back of southern European convergence trade
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◆ 'Strong demand' supported tight execution, DCM banker said ◆ Landeskbank sought to expand international participation ◆ Concession debated
