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◆ Finnish lender's longest senior bond in many years ◆ Issuer chooses lower price over higher size ◆ Deal clears with premium to core Nordic banks
Hungary's change of government is still drawing in investors despite a difficult summer
◆ Italian banking in 'very interesting place,' lead says ◆ Low NIP ◆ First issue since Monte dei Paschi announced takeover bid
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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BNP Paribas has issued a series of green medium-term notes linked to the performance of the new Australian Climate Transition Index (ACT), which is made up of companies expected to thrive in the transition to keep global warming below 2°C. -
Metro Bank has said that it could slip below its minimum requirements for own funds and eligible liabilities in the coming months. It is paying close attention to a review of MREL being carried out by the Bank of England, which may help it to avoid embarking on another costly debt-raising exercise.
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European Central Bank covered bond buying and mounting covered bond redemptions will exacerbate a technical squeeze — but with Bunds set to underperform swaps, issuers cannot afford to be complacent.
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The insurance industry is eagerly awaiting the result of a court case which would determine whether they have to pay out Covid-19 claims under basic business interruption policies. If the case goes against them some are expected to hit the capital markets for financing.
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Barclays has following Credit Suisse in marketing additional tier one paper in dollars this week, bringing a deal on Wednesday that could be used to refinance an existing euro bond.
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The auditor for digital bank Monzo warned that a slower than expected recovery could lead it to breach its capital requirements, even though at the end of February it had a much better capital ratio than traditional banks. So what’s going on? GlobalCapital wonders if the risk is more about investors’ appetite to continue funding an unprofitable business than the bank breaching the requirements in the next few months.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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