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◆ Shawbrook targets AT1 refi as LV eyes tier two ◆ Deals follow Santander's display of understanding of major UK investors' thinking, says lead ◆ Locks in big size with premium to new euro issuance
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
US domestic institutions take centre stage after global banks' big funding round
The ratings review finished with both upgrades and downgrades linked to senior bonds now being subordinated to regular deposits
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Bank of Communications Financial Leasing Co priced a small $600m dual-tranche transaction, attracting twice as much interest on a floating rate note compared to a fixed rate bond. -
Investors threw themselves behind a short-dated floating rate note from Société Générale on Thursday, shrugging off the bleak outlook for European interest rates. The strength of demand allowed the French bank to raise €1.75bn.
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Deutsche Pfandbriefbank was marketing a five year senior preferred bond in the euro market on Thursday. The deal was launched at a spread unmoved from price thoughts, with order books only €125m larger than the deal size.
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Bawag was looking to launch its first non-preferred senior bond on Wednesday, joining a crowd of other financial institutions targeting sales of senior products in the euro market this week.
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BBVA was marketing an additional tier one bond on Wednesday, making use of the favourable conditions that other issuers have found for similar instruments in the dollar market, while BNP Paribas, Bank of Nova Scotia and Bawag kept euro investors busy.
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Investors in unsecured bank debt instruments are unlikely to put up much of a fight against the inevitable march into negative yielding new issuance.
