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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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Banco de Crédito Social Cooperativo (BCC) said on Monday that it was looking to issue a €500m tier two, which could replace all of its existing deals in the format. -
Finland’s Aktia Bank is preparing to sell its inaugural additional tier one note (AT1), having mandated a pair of Nordic banks to sound out investor interest.
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United Overseas Bank and Raiffeisen-Landesbank Steiermark (RFLBST) have mandated leads for covered bond deals amid a weakening spread environment.
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BNP Paribas sold the biggest sterling tier two bond for over a year on Monday, pricing a £1bn deal through its euro secondary curve, as bankers feel the market has shrugged off its risky reputation.
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Large global systemically important banks (G-SIBs) showed the primary market was still in good shape on Monday, despite recent volatility. Bank of America added to a recent funding spree with a three-part euro deal, while Credit Suisse tested euros and sterling amid close scrutiny of its investment banking exposures.
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Crédit Agricole CIB has conducted what it believes is a unique green bond issue for its Taiwan branch, in which the issuer, investors and underwriters have together made a “solidarity” payment to a charity, Plastic Odyssey, which works to remove plastic pollution from the oceans.
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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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