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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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Liquidity in corporate, financial and emerging market bonds has certainly been affected by the recent stress caused by the Covid-19 coronavirus pandemic. But there has not been a catastrophic collapse. Participants say markets are still functioning, and some means of trading have benefited. -
Bank of Nova Scotia (BNS) became the first bank outside Europe to issue a deeply negative yielding covered bond in a good size on Wednesday. The transaction provided a beacon for other issuers and was perfectly timed to benefit from a window of market stability between Monday’s and Thursday’s shocking volatility.
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The Bank of England’s unscheduled decision to cut rates and encourage banks to lend to the real economy on Wednesday morning was viewed as a powerful step by some in the market, although it is very unlikely to put to bed economic uncertainty over the impact of coronavirus.
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Spreads on financial institutions bonds are recovering from a brutal sell-off at the beginning of the week, as European governments and central banks weigh in to help economies deal with the Covid-19 coronavirus outbreak.
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Once again, corporate bond markets have staged a recovery after a shutdown of several days as asset prices plummeted in response to the growing coronavirus outbreak. Three industrial companies plus JP Morgan issued bonds in the US on Tuesday, which “all went exceptionally well” according to a head of syndicate in London. Danone launched on Wednesday the first euro corporate issue of the week, paying a high spread but small new issue premium.
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The European Union is set to make at least €25bn of budget funding available for sectors affected by the Covid-19 coronavirus, as its institutions join forces to tackle the economic impact of the outbreak. Rules on state aid and public finance will also be loosened, giving member states more room to launch fiscal stimulus measures.
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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