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◆ Post-ceasefire rally brings predictability to market direction ◆ Quick execution brings the deal within vicinity of fair value ◆ Price discovery needed within German senior preferred universe
◆ French bank swiftly acts after spreads tighten following ceasefire rally ◆ Fair value spread returns to pre-war level ◆ Bank pays small new issue premium
◆ Belgian bank captures strong investor commitment ahead of US deadline for Iran ◆ Execution completed in tight, fast-changing window ◆ New deal lands 10bp wider than its previous SNP with a similar concession
There's been a lack of ESG labelled FIG issuance in March, despite this year's volume being higher than last year
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But Banca Popolare Alto Adige spots opportunity for small tier two refinancing
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European firms should jump through any open window as winter of uncertainty beckons
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Credit Agricole Next Bank wasn’t the only major bank of French origin in the Swiss franc market on Tuesday
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Investor demand falls in favour of frequent and larger borrowers as issuance windows lurch open and shut
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Domestic names placed $3.75bn of preferred share and tier two debt this week
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Although the spread between Pfandbriefe and cantonal bank paper has widened, both still remain attractive