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◆ Italian banking in 'very interesting place,' lead says ◆ Low NIP ◆ First issue since Monte dei Paschi announced takeover bid
◆ 'Strong' bid from international and domestic accounts ◆ Priced inside of issuer's target level ◆ Lower NIP than last week's trades
◆ Spreads tightened on eight and 12 year tranches ◆ Banker had issuer paying 2bp NIP on both legs ◆ ING’s second covered deal of 2026
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 European Central Bank has requested that Banca Monte dei Paschi di Siena raise at least €250m of tier two capital before the end of this year, as part of the conditions of its sale of non-performing loans to Amco. Analysts say the bank might have to pay as much as a 9% coupon on the bond. -
Standard and Poor’s is due to review the ratings of several German Laender over the next few weeks, and downgrades could undermine Pfandbrief valuations. But some market participants believe that scarcity of issuance in the asset class could in fact make spreads tighten further.
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ABC International Holdings took advantage of receptive market conditions to make a rapid return to the bond market this week.
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