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◆ Rising investor sensitivity due to tight unsecured FIG spreads ◆ Deal centred around real money orders after hitting €4.5bn peak book ◆ Hardly any concession left on shorter tranche, minimal on longer one
◆ Weaker backdrop for FIG issuance ◆ Deal printed with a negligible spread above previous, shorter bond ◆ Nearly triple digit spread lures investors
◆ Strong outcome despite French risk concerns ◆ Participation from a 'who's who' of sterling real money ◆ Sterling market stronger than euros
Data
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
Covered market provides 'the deepest pocket of demand' among FIG asset classes
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
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Covered bonds issued this week by SCBC and Bank of New Zealand were thinly oversubscribed and illustrated that investors are still sensitive to price, albeit that demand was good for a small green debut from Eika Boligkreditt and a tap from Oma Savings Bank. -
Investors had plenty of appetite for a super-high yielding additional tier one from Piraeus Bank this week. Will they still be hungry when Greek banks try and issue large volumes of senior debt for their regulatory requirements?
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ANZ dropped into the sterling market this week in search of tier two paper, which will help it meet its total loss-absorbing capacity (TLAC) requirements. With the TLAC deadline fast approaching, Australian firms are expected to make use of the attractive funding conditions to ramp up their subordinated issuance.
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Equitable Financial Life brought its first funding agreement-backed (FAB) deal in euros on Thursday, paying up slightly to access the currency after a very busy funding run in dollars.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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