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With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
US bank eyes one of the tightest US preferred resets as BBVA goes for subordinated, senior combo
◆ 'Real money' order book supports €1bn size ◆ 'Not much' delta between Nordic names, lead says ◆ Up to 5bp of concession
◆ Small premium left for investors ◆ Final yield close to 4% 'inflection point' ◆ Rabo adds to senior green rush
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Investors have largely discredited the idea that the distance between an additional tier one (AT1) trigger point and a bank’s reported capital position is a clear indication of risk, but banks continue to profit from a distinction between high and low triggers. -
Nordea’s order book was more than twice oversubscribed for a €2bn deal across two tranches on Tuesday, while Swedbank also found demand for a sterling deal. The deals suggest that, despite tight spreads, investors are not deterred from senior preferred from the right names.
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Activity in the FIG green bond market is picking up in September with close to 100 accounts putting in orders for Deutsche Kreditbank’s second euro offering on Tuesday and Sumitomo Mitsui Financial Group (SMFG) preparing to hit the road for holding company level green transaction.
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Geopolitical tensions around North Korea did not close the primary debt market this week, as Hyundai Motor Group’s US arm snapped up $1bn from a triple-tranche deal and Kookmin Bank priced a $500m trade on Monday.
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Caffil set final terms of 2bp through mid-swaps for its no-grow €750m trade, this being the tightest spread the issuer has ever achieved for a 10 year trade.
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Barclays has launched a Green Bond Framework, paving the way for it to issue notes specifically used to finance environmentally-friendly homes.
