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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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Krung Thai Bank Public Co (KTB) sold a Basel-III compliant additional tier one bond this week, ending a seven-year break from the international dollar debt market to bag $600m. -
National Bank of Canada’s €500m seven year covered bond issued on Thursday, showed that a positive spread to mid-swaps has a greater impact on demand than a positive yield.
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Mounting concerns over rising rates resulted in a fair degree of price sensitivity for a rare 20 year covered bond issued on Tuesday by Bawag, the Austrian lender. But with a little new issue premium, demand was still good.
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Banks shouldn’t get their hopes up for radical changes to the capital buffer system.
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Deutsche Bank and Standard Chartered sold their first green and sustainable bonds in dollars this week, giving US investors a chance pick up supply that would normally be expected to arrive in euros.
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Všeobecná úverova banka (VÚB) issued a €500m five year covered bond on Wednesday at the tightest spread for any issuer from Slovakia.
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