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◆ Swedish bank tightened spread by 28bp ◆ LF Bank opted for the €500m no-grow format ◆ Bonds offered 2bp of new issue premium, an expert said
◆ Greek bank tightened spread by 25bp ◆ One of two green bonds sold on Tuesday ◆ Green label creates 'stickier' order book, says banker
◆ French issuer tightens spread by 6bp ◆ Order book closes at €2.5bn peak ◆ Only covered bond issued on Tuesday
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Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
Uncertainty in Middle East peace negotiations may reignite alarm, but investors remain willing as long as issuers pay to play
Tweaks to trading book rules will be next stage of competition
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ABN Amro brushed aside concerns about the bid for long end paper on Wednesday, as it secured a tight spread on a 12 year deal in the euro market. It was joined by a couple of other banks targeting more conventional maturities. -
CaixaBank was set to launch its first sterling bond on Tuesday as it dipped its toes into a market that is now on course for its busiest week this year to date.
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Helaba came close to fair value with the pricing for its green and non-preferred senior debut on Wednesday, maintaining a solid order book despite competing supply in euros.
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Piraeus Bank is monitoring market conditions for an additional tier one (AT1), which would be the first deal of its kind out of Greece. The issuer no longer requires as much debt capital following a share capital increase late last month. It had thought it would need as much as €600m in AT1 format.
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CMB International Capital Corp, China Merchants Bank's wholly-owned offshore financial services platform, jumped into the offshore market on Tuesday to raise $600m.
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Hedge funds have taken a lot of heat for their role in inflating order books and flexing spreads, only to flip out and take profits at the first opportunity. But despite the awkward and at times antagonistic presence of such funds, issuers are coming to learn that they are probably better off having them in the order book than not.
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Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
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