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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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Swedish banks will have to maintain a countercyclical capital buffer worth 2% of their risk-weighted assets during normal times, according to new guidance from the nation’s Financial Supervisory Authority this week. -
A leaked letter from the European Parliament, seen by GlobalCapital, shows the Parliament has joined in the debate about the Sustainable Finance Disclosure Regulation, which has been watered down to make life easier for institutional investors. The Parliament is calling for the rules to be strengthened, to help savers know which investments are green and ensure compliance does not become just a “tick box exercise”.
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In a move expected to add pressure to the already suffering long dated Treasury market, the Federal Reserve confirmed on Friday that US banks will once more have to include Treasury holdings in their leverage ratios from next month.
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Danish firm Nykredit Realkredit tapped the MTN market for non-preferred paper this week ahead of a deadline for regulatory debt buffers next year. Elsewhere, Alandsbanken issued its first additional tier one (AT1) note.
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Eurozone banks recorded their second highest take up in the latest offering of targeted longer-term refinancing operations (TLTROs) this week. The region's lenders do not appear to be in a hurry to replace ECB financing with capital market issuance.
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The ball is rolling when it comes to banks printing green deals in subordinated formats, but there are still some lingering questions over whether capital makes the best fit for ESG issuance frameworks.
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