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Half year FIG issuance, powered by more than 50% Yankees, reaches record $307bn volume
◆ Swiss bank issuance is novel for the euro FIG market ◆ Mixes elements of senior and covered FIG debt, and SSA bonds ◆ State-backed deal performs well
◆ Positive market backdrop for larger and smaller issuers ◆ Canadian bank taps favourable euro funding at similar level to the US market ◆ Smaller Italian lender Sella crunches spread from a year ago
◆ New chapter in Greek banks' rehabilitation story ◆ Issuer 'reprices' Greek banks' short end curve due to huge demand from buyers of established FIG debt ◆ Deal reconfirms appetite for higher spread products
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◆ Portuguese lender attracts 'absolute' spread buyers ◆ Pricing seen flat if not inside fair value ◆ Appetite for 'underweight' Portuguese risk helps -
◆ RBC leads European banks to funding in the US ◆ Once JP Morgan starts the third quarter bank earnings season local FIG bond wave could materialise ◆ This could keep market busy until US election
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Issuer-friendly mismatch in supply and demand masks the difficulty of timing the market
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◆ Pricing over size prioritised... ◆ ... but likely not at the initial stage ◆ Elevated concession, albeit not the main measure of FRNs' attractiveness, suggests limits to investor demand
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◆ Dutch bank pushes sterling funding through its euro secondary curve ◆ Max size achieved ◆ Investors remain glued to the deal as they foresee performance amid supply scarcity
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◆ New Zealand bank prints for first time in more than a year ◆ Deal execution is one of the best from the issuer for senior funding in euros in recent years ◆ Pricing comes close to FV
