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◆ Aussie bank has primary to itself on Friday ◆ Deal ‘sufficiently different,’ say bankers ◆ Both tranches offer small premiums
◆Highest rated FIG bail-in paper in euros ◆ Prices level with Nordic peer ◆ Premium paid
More US banks have used callable format for opco dollar issuance this year
Data
Currency's higher yielding appeal has lured investors across the capital stack
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
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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 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
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
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