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◆ Swiss bank lifts nearly €3bn-equivalent ◆ Long euro tranche lures large demand ◆ Both tranches pay visible premium in 'pragmatic' funding approach
◆ Green tier two comes against 'rocky' macro backdrop ◆ Takeover battle throws uncertainty on secondary performance ◆ 'Elevated NIP' paid, rival banker said
◆ UK insurer returns to home currency after two years ◆ Gilt yield surge aids revival in sterling FIG across capital structure ◆ High single digit NIP
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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Investors backed a small additional tier one deal from Jyske Bank on Wednesday, allowing the Danish bank to squeeze its coupon into a tight level. -
ABN Amro brushed aside concerns about the bid for long end paper on Wednesday, as it secured a tight spread on a 12 year deal in the euro market. It was joined by a couple of other banks targeting more conventional maturities.
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CaixaBank was set to launch its first sterling bond on Tuesday as it dipped its toes into a market that is now on course for its busiest week this year to date.
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Helaba came close to fair value with the pricing for its green and non-preferred senior debut on Wednesday, maintaining a solid order book despite competing supply in euros.
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Piraeus Bank is monitoring market conditions for an additional tier one (AT1), which would be the first deal of its kind out of Greece. The issuer no longer requires as much debt capital following a share capital increase late last month. It had thought it would need as much as €600m in AT1 format.
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CMB International Capital Corp, China Merchants Bank's wholly-owned offshore financial services platform, jumped into the offshore market on Tuesday to raise $600m.
Polls and awards
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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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