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◆ Weaker backdrop for FIG issuance ◆ Deal printed with a negligible spread above previous, shorter bond ◆ Nearly triple digit spread lures investors
◆ Rising investor sensitivity due to tight unsecured FIG spreads ◆ Deal centred around real money orders after hitting €4.5bn peak book ◆ Hardly any concession left on shorter tranche, minimal on longer one
Despite the boost in demand, overall unsecured supply still lags behind 2025, with the bulk of recent supply coming in covered bonds
Foreign banks keep Swiss market busy as issuance slows
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Royal Bank of Canada has wrought havoc with the traditional pecking order for Canadian financial institutions in the credit markets, beating a better-rated peer for spread amid a string of recent senior issuance out of the country in euros. Market participants took the stunning developments this week as clear proof for a long-standing belief: green funding is simply cheaper. Tyler Davies reports. -
The cost of funding in euros or sterling has swung back into favour for dollar-focused financial institutions in recent months, heralding the return of several North American banks to the market, including Morgan Stanley and Wells Fargo.
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Svenska Handelsbanken was well received for a new senior unsecured transaction in the sterling market on Thursday, despite having pushed the spread towards a level that some investors might be able to pick up from a covered bond.
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Royal Bank of Canada stunned market participants with its first public euro offering of bail-inable senior debt on Wednesday, pricing the deal inside equivalent trades from Toronto-Dominion Bank and Bank of Nova Scotia. The trade was RBC’s first ever green bond.
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Royal Bank of Canada said on Tuesday that it was looking at the euro market for its first green senior unsecured bonds, at a time when issuers seem to be more in control of pricing than investors.
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The Asian debt markets have been hit with a number of defaults from Chinese borrowers. China Minsheng Investment Corp (CMIG) has missed bond payments, as has Kangde Xin Composite Material Group.
