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The new issue premium was slim, thought observers
◆ 'Moderate' oversubscription levels ◆ Belfius offers higher NIP for larger size ◆ SpareBank achieves tighter pricing on green five year
◆ Higher spread, higher book than tighter priced SP deals ◆ Large French supply expected in the second half of year ◆ Small premium paid
◆ Deal comes amid competing supply from other European banks ◆ Both EuGB and ICMA green bond standards used ◆ Low new issue premium paid
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Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
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FIG borrowers flood dollar markets as Westpac's SEC exit strategy pays off
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◆ HSBC brings €3.25bn of funding across three tranches ◆ Lloyds opts for €750m single tranche before UK local elections ◆ Heavy euro FIG issuance as possible Iran deal announced
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◆ UK bank uses the first issuance window after earnings, central bank meetings and holidays ◆ Deal coincides with busy euro credit market ◆ Barclays attracts attention with relevant new issue concession
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◆ Dutch bank goes 'head to head' with Alphabet in euros ◆ Brings its longest ever opco tranche ◆ Book skewed towards two year FRN
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With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten