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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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Investment banking revenue in March was lower than normal as the coronavirus pandemic sapped risk appetite — but it was far from a total wipeout. -
Armies of wonks have spent the last 10 years dreaming up a panoply of bank capital tools, from additional tier one capital to MREL, to make sure “too big to fail” can never happen again. Next time, they claimed, private investors’ capital would be burnt in an orderly process, saving taxpayers from bailing out banks.
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Lloyds Banking Group became the first Yankee bank to access dollar funding for almost a month when it came to the market with a new senior deal on Thursday.
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The MTN market is picking up as issuers (particularly corporates and SSAs) and investors find opportunities for attractive deals.
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European banks broke a five year record for funding volumes in the first quarter, despite steering clear of markets for most of March. Their blistering start to the year will help them to sit out a while longer, as they wait for funding costs to settle during the coronavirus pandemic.
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Having dropped off in early March, Swiss franc issuance has bounced back in the last fortnight, buoyed by returning investors flocking to low investment-grade rated borrowers, like triple-B rated cement manufacturer LafargeHolcim, and piling into a record-breaking foreign covered bond.
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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