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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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Credit Suisse Group targeted the dollar market this week for its first public bond offering since the collapse of US hedge fund Archegos. It ended up paying a relatively small new issue premium for its large $3.25bn transaction. -
Sparkasse Holstein has obtained a provisional rating from DBRS for its mortgage Pfandbriefe, though whether this leads to distributed issuance remains to be seen.
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Allied Irish Banks (AIB) sold its sophomore green bond on Monday, printing €750m of senior paper at a spread flat to fair value and close its Irish peers.
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Aegon Bank has registered its soft bullet covered bond programme with the Dutch central bank and has published its base prospectus, suggesting it could be ready to mandate leads after posting results this week. Aegon follows NN Bank, which became the first Dutch bank to switch away from using conditional pass through (CPT) covered bonds, with Achmea Bank set to follow.
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Fitch has upgraded its ratings for Piraeus Bank and the National Bank of Greece (NBG) following their successful sales of non-performing assets. With more de-risking to go and a potential additional tier one (AT1) deal on the way, further upgrades could follow.
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Nordea made a rare entry into the euro tier two market on Monday, taking advantage of strong issuance conditions to steer its pricing in close to fair value.
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