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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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◆ New York Life and MetLife hit sterling market ahead of dollar funding ◆ Both sterling deals fare better than simultaneous bank duo ◆ More FABNs likely to follow
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◆ First senior preferred trade in a month ◆ Santander extends its SP curve ◆ Slim premium on both tranches
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French bank scoops top spots in 2025 senior and subordinated dealer rankings
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Unsecured bonds could become more expensive to issue, covered bonds cheaper
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When the dollar market re-opens on January 5, bankers expect a stampede of Yankee banks
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Issuers had it almost all their own way in the European FIG market in 2025. Investor appetite for credit far outstripped supply, causing spreads to tighten along with the average new issue premium on syndicated benchmark-sized deals. Flynn Nicholls reports on the dynamics that shaped the primary market