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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
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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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Société Générale benefitted from calmer issuance conditions on Thursday as it sold €1bn of new tier two debt. The deal takes another chunk out of the issuer’s capital plans, which totalled a sizeable €4.5bn at the beginning of the year. -
The Covid pandemic has delayed a lot of progress in the capital markets, but bankers say the industry is still on track to meet Libor transition deadlines. Investors have consented to the Bank of Nova Scotia transitioning the basis of its sterling covered bond from Libor to Sonia, while Westpac is seeking consent.
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GoHo Asset Management Co returned to the debt market for a $100m bond on Wednesday.
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Financial issuance got underway in the euro primary market on Wednesday, with borrowers keen to bring forward ESG-labelled bonds in the first deals of the week.
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Athene Global Funding encountered slim demand after circling back to the sterling market on Wednesday, with lead managers citing a ‘challenging environment’ for new issues in Europe.
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Axa Home Loan SFH issued the only covered bond of the week on Wednesday, when it surfaced with a €250m tap of an old 15 year deal. The transaction underscores the impression that a flood of retained issuance used for central bank funding is negative for distributed supply. Yet, there is still hope that the situation will improve in the second half of the year.
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