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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
Data
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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CaixaBank extended its social bond curve with a non-preferred senior deal on Tuesday, raising €1bn with what was its first deal since it completed a merger with Bankia in late March. -
Moody’s has placed Deutsche Bank on review for a ratings upgrade, praising the firm for making "swift and pronounced progress" towards its restructuring goals. The rating agency wants to determine whether the German bank can sustain a recent improvement in its earnings, which has largely been fuelled by an outperformance in its capital markets business.
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Société Générale was looking to issue an additional tier one (AT1) in dollars on Tuesday, as European banks find room to place risky subordinated debt despite the trickier backdrop in financial markets.
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Secondary bond traders in the SSA and covered bond markets are focussed on Tuesday’s European Union new issue amid hopes that it will help draw a line as far as secondary market weakness is concerned. But with one eye on the European Central Bank’s June meeting, there is still some trepidation about prospective cuts in central bank asset purchasing.
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TD Securities has hired a senior debt capital markets syndicate banker from SMBC Nikko Capital Markets in London, to handle new issues from corporate and financial issuers.
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Banco de Crédito Social Cooperativo (BCC) said on Monday that it was looking to issue a €500m tier two, which could replace all of its existing deals in the format.
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