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◆ Greek bank tightened spread by 25bp ◆ One of two green bonds sold on Tuesday ◆ Green label creates 'stickier' order book, says banker
◆ 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
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Banco de Sabadell launched a senior preferred bond on Wednesday, just as it prepares to enter earnings blackout. The Spanish bank was able take out two thirds of its €1.5bn funding target for the format this year. -
Haitong International Securities Group sold $700m of seven year notes on Tuesday, tightening pricing by 30bp during bookbuild.
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Italian banks have been in the spotlight recently and Mediobanca on Tuesday was the fifth bank to tap the euro market in the past two weeks, after UniCredit, Intesa Sanpaolo, Banca Monte dei Paschi di Siena and UBI Banca. It attracted demand of more than three times the deal’s size of €500m.
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CNP Assurances has decided to postpone its sale of a green tier two capital bond until later this year. The French insurance company, which is restructuring, had intended to sell a security with a rare format in the bond market.
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Italian banks rushed to make use of favourable market conditions this week, with Banca Monte dei Paschi di Siena and UBI Banca bringing new deals and Fineco Bank lining up an additional tier one (AT1). The window opened after the EU and the Italian government settled their scrap over the latter's budget targets, but market participants fear it won't stay open for long. Daivd Freitas reports.
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With primary markets firing on all cylinders at the beginning of July, bankers working in the financial institutions bond market note that riskier deals are often easier to execute than their lower yielding counterparts.
