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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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Tuesday’s deals from UOB and Raiffeisen-Landesbank Steiermark provided a wake-up call to the covered bond market that showed, no matter how strong the technical factors keeping pricing tight, it is not insulated from the rates market. A readjustment at the ultra-long end of the curve was overdue, said bankers, and they expect issuers to print shorter deals from now on. -
The FIG market paused on Wednesday to take stock of inflation fears and weaker market sentiment, but a pipeline of issuance is building, including Spain's Banco de Crédito Social Cooperativo (BCC), which has put out a market update after it received disparate indications of interest ahead of its return to the tier two format.
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The European Central Bank issued several warnings about the banking sector in its Financial Stability Review (FSR) this week, as it drew attention to corporate zombification, a new capital markets exodus and an undesirable tightening in lending standards.
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Long call periods are now an established feature in bank capital products, but the benefits should also apply to the senior market, particularly when it comes to riskier borrowers beginning their MREL journeys.
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Volatility, partly induced by inflation fears, has been upsetting rates and equities markets, but data recorded by GlobalCapital suggests that the primary market has remained resilient, despite sharp moves government bond markets.
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United Overseas Bank managed to extend its curve with €750m of eight year funding in the covered bond market on Tuesday at levels were well inside its previous blowout deal issued in November. However, bankers off the mandate gave the deal mixed reviews.
Polls and awards
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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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