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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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Iccrea Banca said on Tuesday that it had obtained the necessary regulatory approval to call two of its outstanding subordinated bonds, amid debate about the economic merits of leaving capital instruments outstanding. -
Euro area banks have increased their reliance on preferred senior funding during the coronavirus crisis, fuelling speculation that some lenders may be expecting a softening of their minimum requirements for own funds and eligible liabilities (MREL).
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Investors were "hugely receptive" to Hypo Noe’s seven year Pfandbrief issued on Tuesday, suggesting it is only a matter of time before another borrower tests demand further along the curve with a 10 year covered bond — which would be the first since early March, before the coronavirus pandemic disrupted markets. Reopening such long dated funding would provide a compelling alternative to using central bank liquidity.
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Credit Suisse has become the first Swiss bank to issue a green bond in the euro market, and has also marketed a rare floating rate note. The trades were testament to improving market conditions and the ability for strong names to sell less common products.
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The coronavirus crisis has severely disrupted the move away from Libor to the new recommended risk-free rates. But market participants will have to press on to meet the original deadline, with no extension on the horizon, according to a senior capital markets lawyer.
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SEB offered investors a negative new issue premium with its preferred senior deal on Monday. With conditions consistently improving for European issuers, this deal has shown that the market is ripe for issuance in the format.
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