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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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Barclays is set to end a two year absence from the Kangaroo bond market this week, as it seeks up to three tranches of callable senior debt. -
Credit Suisse Group targeted the dollar market this week for its first public bond offering since the collapse of US hedge fund Archegos. It ended up paying a relatively small new issue premium for its large $3.25bn transaction.
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Sparkasse Holstein has obtained a provisional rating from DBRS for its mortgage Pfandbriefe, though whether this leads to distributed issuance remains to be seen.
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Allied Irish Banks (AIB) sold its sophomore green bond on Monday, printing €750m of senior paper at a spread flat to fair value and close its Irish peers.
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Aegon Bank has registered its soft bullet covered bond programme with the Dutch central bank and has published its base prospectus, suggesting it could be ready to mandate leads after posting results this week. Aegon follows NN Bank, which became the first Dutch bank to switch away from using conditional pass through (CPT) covered bonds, with Achmea Bank set to follow.
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Fitch has upgraded its ratings for Piraeus Bank and the National Bank of Greece (NBG) following their successful sales of non-performing assets. With more de-risking to go and a potential additional tier one (AT1) deal on the way, further upgrades could follow.
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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