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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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Some of the largest investment banks made 12% less revenue from lending in the first quarter, despite balance sheet expansion as they supported companies, according to research from analytics firm CRISIL Coalition. -
Commerzbank set up an issuance programme this week that will enable it to sell up to €3bn of additional tier one (AT1) debt. The German lender is preparing to take advantage of regulatory relief in its Pillar 2 capital requirements.
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Banks are bounding back into the Kangaroo market. On Wednesday, BNP Paribas jumped in to sell the first syndicated Australian dollar senior non-preferred deal since the start of the Covid-19 crisis, later that day the Bank of Nova Scotia announced plans to join the fray with a mandate for a three year bail-inable deal.
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The European Central Bank said this week that Covid-19 could hamper some banks from meeting their targets for the minimum requirements for own funds and eligible liabilities (MREL), given the likelihood of credit rating downgrades and dislocation in the funding markets.
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The stream of French covered bond deals was interrupted on Wednesday when KBC Bank returned to the market for the first time in more than two years to issue a long five year, priced slightly inside its own curve. The oversubscribed order book, reflected investor anxiety about the supply drought.
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Aviva was set to raise £500m of tier two capital on Wednesday, fuelling speculation that the UK insurer would be looking to call one of its outstanding perpetual bonds.
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