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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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Bond market participants will be on tenterhooks for the European Central Bank’s latest monetary policy decision on Thursday. The rapidity of the European recovery, and the apparent return of inflation have stoked fears that the ECB would begin to discuss tapering its asset purchase programmes. -
Natixis had not expected Brexit to happen, but after the vote, it pushed ahead anyway with plans to relocate staff to London. After four years and one strategic review, the French bank is now in the midst of moving staff back to mainland Europe.
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Piraeus Bank has become the first Greek issuer of additional tier one (AT1) capital, finding enough demand this week to launch a CCC rated deal with a coupon below 9%.
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OP Corporate Bank struggled to generate mass appeal with a non-preferred senior print on Wednesday, settling its pricing in the middle of its guidance range.
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The European Central Bank bought fewer covered bonds in May than it did in any month this year so far but its portfolio still grow and may do so by even more in June. With supply still likely to be limited, this should keep prospective spread widening contained ahead of a supply glut in the sovereign, supranational and agency sector.
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Raiffeisen Bank International launched its first green tier two on Wednesday, landing at a spread that was 10bp inside fair value for an unlabelled deal.
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