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◆Highest rated FIG bail-in paper in euros ◆ Prices level with Nordic peer ◆ Premium paid
Currency's higher yielding appeal has lured investors across the capital stack
More US banks have used callable format for opco dollar issuance this year
◆ US company aims to issue more frequently in euros ◆ Final book heard at €1.75bn ◆ Favourable relative pricing at seven years
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Dutch lender NIBC Bank returned to the euro senior unsecured market after an absence of almost three years on Monday, opening books on what is just its second non-government guaranteed senior trade since the financial crisis. Goldman Sachs will also price euro paper on Monday, selling a dual tranche fixed and floating 7.5 year print.
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After a frantic week of senior unsecured issuance, euro senior volumes for 2015 have already outstripped the entirety of last January. However, the impressive volumes cannot mask problems in the market. Syndicate bankers are nervously whispering about oversupply as the week’s deals trade wider, a problem exacerbated by currency volatility on Thursday as the Swiss National Bank scrapped the currency ceiling on the Swiss franc.
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A strong bid for Australian paper from Japanese investors allowed National Australia Bank to price the tightest ever spread ever for a 10 year Samurai from a FIG issuer on Friday, the first print in the format of 2015.
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Bond sales from Crédit Mutuel Arkea and Berlin Hyp on Thursday built on a frantic start to the year for the FIG market, helping volumes for the first two weeks of the year to rise higher than the whole of January 2014.
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Bank of Communications (BOCOM) priced a three year bond on January 9, relying on strong onshore investor demand to push through a slow bookbuilding process. -
Larger deals and bigger new issue premiums will be the new normal for Asia ex-Japan as issuers adjust their debt funding strategies in the face of volatile markets. A pair of high profile bonds in the past week clearly illustrated this size-over-price approach, although bankers said that while it will become increasingly common, not everyone will adopt it, writes Rev Hui.
