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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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Covered bond spreads look well supported for the next few months, traders said this week. But concerns that the European Central Bank may begin tapering purchases just as the European Union ramps up issuance is causing some concern for the longer term. -
Kommunalkredit Austria sold its first public senior bond since its privatisation on Thursday, landing its €300m deal 3bp through where lead managers had seen the balance of investor feedback.
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Sparebank 1 Boligkreditt (Spabol) priced a €1bn 10 year Norwegian covered bond flat to fair value on Thursday with demand of more than €2bn, showing, once again, the effect of investor demand in an environment of unprecedented negative net supply.
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Banco Santander was targeting two currencies for additional tier one debt on Thursday, following closely behind a blowout euro deal for Deutsche Bank.
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Westpac jumped into the green tier two market for the first time on Thursday, finding plenty of demand for the subordinated and labelled combination.
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Zuercher Kantonalbank paid a generous spread this week for its first senior deal in euros, as rates investors showed no hesitation in adding exposure to the state-backed financial institution.
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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