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◆ Extends sterling curve by 15 months ◆ BMO 'well liked, well followed' name, lead says ◆ Lower NIP paid than on recent sterling trades
◆ 'Reassuring' result as Danish lender becomes more frequent issuer ◆ Strong bid from international accounts ◆ Minimal NIP
The bank tightened a little more than a UAE peer did on Tuesday
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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DZ Hyp managed to raise €1bn of eight year Pfandbrief funding flat to its curve on Wednesday. The deal contrasted with one from Axa Banque SFH, which paid a much larger premium for a €500m 15 year, possibly due to far higher French supply this year and confusion with Axa Banque Europe SCF, which has already entered the market four times this year. -
Legal & General’s order books peaked at over £4bn ($4.96bn) as it made its first sale of restricted tier one (RT1) capital this week, joining many of its UK peers in the asset class. The insurer used the popularity of its trade to tighten the pricing and leave no new issue premium behind.
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Virgin Money secured its first foothold in the euro market on Wednesday, selling €500m of senior debt from its holding company as part of a deal that had been initially been postponed because of Covid-19 concerns.
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BNP Paribas has appointed Christina Cho and Anne van Riel to lead its sustainable finance capital markets business in the Americas.
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Campaigners for equality for lesbian, gay and transgender people in the US hailed a historic victory on Monday, when the Supreme Court for the first time made it illegal throughout the country for employers to discriminate against staff on grounds of sexual or gender orientation.
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Recent events have neatly illustrated the fickle state of market sentiment and suggest that a broad spectrum of borrowers in the corporate and bank finance markets should not waste time in getting their most difficult or important deals done while the window remains open.
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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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