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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
Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
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
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Sales of ESG-labelled debt have skyrocketed in the FIG market over the first quarter of 2021, with issuers already halfway through last year’s total volumes. Deal arrangers are confident that supply will be able to keep pace, as banks find room to expand into a burgeoning social bond market, write Tyler Davies and Bill Thornhill. -
Investors poured into a five year senior preferred deal from Banque Fédérative du Crédit Mutuel on Monday, as accounts look for shorter defensive deals to hedge against rates volatility further along the curve.
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Deutsche Bank conquered the fallout from the liquidation of US hedge fund Archegos Capital this week to print its first preferred senior trade of the year.
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French insurer Axa issued its inaugural green tier two bond on Wednesday and attracted a peak order book of more than €3.4bn for the €1bn deal.
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Macquarie Bank paused its sterling return on Wednesday morning, the day after it announced the deal.
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