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◆ German bank launches new capital as it seeks to buy back old AT1s ◆ Deal lands amid UniCredit takeover... ◆ ... and prices close to where Italian bank's capital trades
◆ Lender joins lively sterling FIG market ◆ Deal said to be three times covered ◆ HSBC also about to price three-part Samurai
◆ Insurance companies timed deals to engage euro accounts ◆ Second deal after earlier senior bond ◆ Raises fresh capital ahead of perp call
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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Muenchener Hypothekenbank (MuHyp) issued its second ultra-long dated Pfandbrief of the year on Tuesday, flat to the curve and into good demand at the tightest spread for this tenor and longer in the past 18 years. -
Investors wasted little time placing orders for Nationwide Building Society’s 20 year covered bond on Tuesday, reflecting the rare and chunky yield on offer and the expectation that this could potentially be their only chance to buy UK covered bonds in euros this year.
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LBBW enjoyed the euro limelight on Tuesday morning as it sold the week’s first senior deal from a European borrower, pricing a €500m eight year deal that peaked at more than three times covered.
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Morgan Stanley added to what one banker described as a "US bank supply wave" on Tuesday, as it followed Goldman Sachs into the euro market for senior debt.
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Greece’s Eurobank is preparing this week to launch a callable senior preferred deal, which it will use towards its minimum requirement for own funds and eligible liabilities (MREL).
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Goldman Sachs extended a record run of US bank bond supply by visiting the euro market on Monday and raising €3.5bn of senior debt.
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