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◆ Part of prefunding for 2027 ◆ Low-to-mid single digit NIP ◆ Green issuance has increased since last year
◆ Bank issues amid heavy supply from US tech companies in euros and sterling ◆ Dual tranche structures takes the maximum volume eyed ◆ Second largest YTD volume printed by US FIG sector
◆ Second covered from issuer this year ◆ Spread consistent with last dollar covereds ◆ ‘Everyone knows where three year dollar covereds are clearing,” banker said
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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Unsecured euro money market borrowing this week reached its highest level since the European Central Bank began publishing statistics in November 2017, driven by issuers scrambling for funds to combat the coronavirus pandemic, according to one analyst. -
Société Générale SFH has issued a second Obligations de Financement de l’Habitat (OFH) deal as a security token using a protocol that can be fully integrated with other blockchains and, for the first time, was settled using the Banque de France’s newly developed digital currency and structured with industry-aligned smart contracts.
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Axa Bank SCF became the first bank since February to issue a 20 year covered bond — showing investors' growing appetite for risk. It also offered encouragement to eurozone issuers with long term funding needs to return to the market — especially given the strong performance of deals eligible for the ECB's purchase programmes compared with those that are not.
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Bank of Nova Scotia was looking to test investors’ appetite for one of first additional tier one transactions of the coronavirus pandemic on Thursday, helping to set a reference point for pricing in the asset class.
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