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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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Metropolitan Life ended an almost 12 month absence from euros this week as the insurer raced towards what could be its busiest year since 2019. -
UnitedHealth Group finally sealed its $7bn merger and acquisition-related bond deal after a week-long delay, but it was stung by secondary market volatility as inflation fears remained top of investor minds.
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Inflation fears are biting European markets just as investors seem to be losing confidence in the ECB's support of the market. The first bow waves of a European taper tantrum rocked rates this week as primary markets did their best to plough on. The European Union braved the volatility to land a colossal deal, while two covered bond issuers fared worse. Lewis McLellan and Bill Thornhill report.
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A trio of firms slipped into the market to place senior paper this week, and with spreads threatening to creep wider, bankers were keen to see lenders make use of the windows available.
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Muenchener Hypothekenbank (MunHyp) harnessed the growing demand for environmental, social and corporate governance (ESG) paper in the Swiss market to land a tap 7bp through the bid side this week. Elsewhere, Toyota ended a 12 year absence from the Swiss franc market to sell the currency’s first automobile deal of the year.
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Evidence suggests European lenders are a little too optimistic about the quality of their credit exposures after the pandemic.
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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