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Despite uncertainty in the Middle East peace process, market participants are seeing risk appetite from FIG investors
◆ Fatigue visible in sterling FIG as Westfield secured bond also grabs attention ◆ UniCredit funds in line with euros ◆ Nova Scotia comes flat to dollars
◆ ASN's tightest senior bond since 2021 ◆ Dutch lender becomes only the second FIG borrower to have issued more than one European Green Bond ◆ Deal comes hours before 'massive rally' ensues from opening of Strait of Hormuz
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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As benchmark issuance remains on the side-lines, smaller issuers have come out to play, with rare borrowers Cassa Centrale Raiffeisen dell’Alto Adige and Luminor Bank on the hunt for deals Lilliputian in size on Tuesday. A handful of larger issuers are keeping a close eye, and could come to the market with small deals of their own in the coming weeks. -
Clearstream Banking was nearly 12 times subscribed for its debut senior transaction on Tuesday, allowing it to tighten its pricing by 39bp and issue at a negative yield.
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The Co-operative Bank has completed the sale of a new senior bond just in time for a step-up in its minimum requirements for own funds and eligible liabilities (MREL). The UK issuer needed a chunky coupon to get its deal done, but managed to price through the trading levels on its outstanding tier two.
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Small transactions reached big audiences in the financial institutions bond market this week, as investors realised they would need to consider buying sub-benchmark supply in order to make the most of a dwindling deal pipeline. Tyler Davies and Frank Jackman report.
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Metropolitan Life landed a good price on its return to the Aussie dollar market on Thursday, thanks to tightening spreads and a scarcity of high rated financial paper.
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The Co-operative Bank is getting ready to sell its first senior bond for the minimum requirements for own funds and eligible liabilities (MREL), after letting investors know that it is engaged in discussions about a possible takeover.
