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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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Bank of Ireland this week issued the first additional tier one (AT1) capital instrument since the start of the coronavirus pandemic, minimising the execution risk by borrowing from the ECM playbook and wall-crossing the deal ahead of launch. -
The covered bond market continued to perform well on Wednesday with the ultra-long end of the Dutch curve posting the strongest performance, albeit on no trading flow. French and Canadian deals are also performing well, even as bids were hit in good size. But one major investor said he was aghast at the poor overall liquidity and blamed central bank policy.
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One of Europe’s leading bond syndicate bankers has decided to leave Citigroup, and probably the capital markets.
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Euro area banks are expected to make use of the relaxation of their Pillar 2 capital requirements by issuing more capital instruments in the coming months, following the example set by Deutsche Bank this week.
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