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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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ING has become the latest EU bank to sell subordinated debt during the coronavirus crisis, after capitalising on healthy levels of demand for its tier two paper on Tuesday. -
The Bank of England is mulling ways to support businesses left out of Covid-19 support schemes, with a focus on sub-investment grade corporates and encouraging lending into the real economy. A securitization structure is being comtemplated via the setting up of an intermediary bank.
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Unlike many other banks, ANZ has had no need to draw on central bank emergency liquidity lines during the coronavirus pandemic. Its risk-weighted assets have grown but this has been offset by greater retail deposits. And, as head of funding Mostyn Kau revealed, what subordinated debt issuance it does have to do will be for regulatory reasons rather than to do with Covid-19 crisis funding.
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Achmea was marketing a senior bond on Monday to refinance an outstanding bond maturing in November. The Dutch insurer started with a 'juicy spread', according to some market participants, and gave away a new issue premium of 5bp-10bp to investors.
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Investors lapped up Axa Bank Europe’s €250m tap of a 15-year Obligations Foncieres on Monday and showed that demand for ultra-long dated paper is back on the table. And, being considerably longer than the funding offered by the European Central Bank, the transaction should give a boost to the primary market, despite downbeat supply expectations.
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Intesa Sanpaolo became the first Italian bank to raise funding during the coronavirus pandemic this week. It offered a healthy premium for its five year senior deal, but the bonds have performed very well in the secondary market.
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