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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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Federal Reserve economists have warned of ‘financial stability’ concerns around the US treatment of foreign banks, after publishing research suggesting that some institutions were hiding assets in branches to escape closer regulatory oversight. -
Market participants expect to see the end of “vanilla” deals in the European bank bond market, as tier two debt becomes the latest asset class to embrace call periods over call dates.
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GlobalCapital talked to Sarim Farooqi, senior vice-president and treasurer at Laurentian Bank, about the issuer’s recent C$250m five year debut covered bond, established under its new C$2bn covered bond programme, and what the bank’s next moves in the covered bond market could be.
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Macquarie shed over a third of its order book on Wednesday as it priced its third euro deal in 18 months at what was deemed a “very tight” level. It was joined in the senior market by Swedbank, which was issuing its first callable non-preferred bond.
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Danske Bank set a careful foot into the Reg S dollar additional tier one market this week, in the wake of a difficult trading session for global equities.
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Virgin Money UK was six times subscribed for a tightly priced tier two in the sterling market on Wednesday, despite having offered a very similar deal to investors last September.
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