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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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The EU's Single Resolution Board has this week broadened the scope of English law bonds that will count towards the minimum requirements for own funds and eligible liabilities (MREL), even if their contracts do not recognise EU bail-in powers. The changes prompted Belfius to cancel a consent solicitation for one of its tier twos, which would have been disqualified under the previous grandfathering arrangements. -
Paragon Banking Group has concluded a liability management exercise by replacing a large chunk of its outstanding tier two debt with new green paper.
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Bank Julius Baer, the operating company arm of the private Swiss bank, has mandated for its inaugural bond, marking the first time this name has issued at an opco level. At the same time, Pfandbriefzentrale raised Sfr926m ($990.6m) with a new three part covered bond.
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Norwegian borrower Storebrand was the only financial name on screen in euros on Monday as the FIG market paused after the busiest week of the year so far.
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In a move that is expected to bolster the market for green covered bonds, the final text of the European Commission’s draft Taxonomy of Sustainable Economic Activities has been revised to accommodate current best practice and include buildings that rank nationally within the top 15% most energy-efficient.
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Norwegian insurer Gjensidige Forsikring is looking to refinance its outstanding restricted tier one (RT1) note – the first ever sold in the format – with a pair of new subordinated deals.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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