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Tightening absolute and relative valuations have raised some concerns, but FIG assets remain in vogue thanks to higher rates
◆ Simultaneous execution with Alphabet's record deal bodes well for others ◆ More FIG names likely to print in near future ◆ Other European banks diversify funding in Singaporean and Australian dollars
Diverse US senior FIG issuance jostles with perpetual and tier two capital from foreign and domestic banks
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Funding across all parts of the capital structure is available with issuers likely to prioritise unsecured borrowing
With masses to fund and spreads super-tight, banks will race to market, but central banks are expected to tighten
Banks could rush to issue as fast as possible, taking advantage of remarkably tight spreads
Growing pipeline and fiercer competition had threatened to shake the darling bonds of May
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'We are all in this together' is not a view Europe’s investment banks will recognise when they compare themselves with their formidable US rivals, writes David Rothnie. -
UBS has promoted Barry Donlon to run its debt capital markets business for Europe, the Middle East and Africa, alongside several other job changes.
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The Swedish national debt office (Riksgälden) said on Tuesday that banks would have two extra years to raise non-preferred senior debt for their minimum requirements for own funds and eligible liabilities (MREL). The announcement came a day after Svenska Handelsbanken sold an ordinary senior deal in the euro market.
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UniCredit has said that it will redeem €2.5bn of tier two capital next month, with regulators allowing banks to manage their debt capital stacks freely during the coronavirus crisis.
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Covered bond investors have begun to return, primary market spreads have tentatively started to tighten and new issue concessions are coming down — which theoretically bodes well for a broadening of supply. But bankers, battered by the stresses of the last month, remain cautious.
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Compagnie de Financement Foncier (CFF) on Monday became the first covered bond issuer in April to tighten pricing from initial guidance. Other issuers will take confidence from it to consider longer dated funding, offering an alternative to European Central Bank’s repo facilities.
Polls and awards
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
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