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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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UBS Group made a swift return to the dollar bond market on Tuesday, as it went in search of an additional tier one transaction a day after raising $3bn of senior unsecured debt. -
Sterling investors poured more than £5bn of orders into deals from NatWest Group and Bank of America on Tuesday, showing issuers that there is plenty of liquidity to put to work in the UK currency.
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Bank borrowers returned to a stronger euro bond market on Tuesday, but deal arrangers warned of lingering concern over rates and inflation as KBC Group struggled to draw a crowd for a long-dated offering.
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Three Chinese borrowers and one Hong Kong issuer hit the international bond market on Monday, getting ahead of a pick-up in deal flow expected in the rest of the week.
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There was strong buying interest in recent long dated bonds from the EU on Monday, said traders, as well as those of semi-core European sovereigns. That is expected to continue this week as hedge funds circle the EU's most recent bond.
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A draft amendment to the Hungarian covered bond regime, that brings it into line with the European Union's Covered Bond Directive, is likely to be a positive for the product's credit and should improve prospects for issuance in euros.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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