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◆ First deal to release IPTs on busy day ◆ MPS M&A bid had 'no impact' on deal, says lead ◆ Priced flat to fair value
◆ Investors turning 'price sensitive' lead says ◆ Follows recent heavy supply of tier two ◆ New issue premium debated
◆ German bank had the primary market to itself on Monday ◆ More covereds issued from Germany than any other country ◆ Banker said 7bp over offered small new issue premium
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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Martin Roland has moved from FIG syndication at LBBW to funding and debt investor relations. -
The commercial paper market is emerging as a source of stress as financial markets creak under the pressure of the coronavirus crisis. This happened in the 2007-9 financial crisis too, but this time the strains are different. Market participants want central banks to act.
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A good number of covered bond issuers are planning deals, and some had hoped to open books on Monday, but market conditions were too volatile. The market is open provided careful attention is paid to name, spread, tenor and timing — with the key to success down to careful preparation, bankers told GlobalCapital on Monday.
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ING Groep said on Monday that it would redeem a pair of perpetual capital instruments, including an additional tier one bond, after deciding the move would be in its economic interest.
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An extraordinary demonstration of support from the US Federal Reserve over the weekend has done nothing to lift investors' spirits, with fears about the economic consequences of Covid-19 showing through in equities, credit and even the rates market on Monday morning.
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FIG DCM officials say it is impossible to tell when banks could return to selling unsecured debt, with markets locked in a period of extreme volatility and uncertainty.
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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