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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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When revealing its first quarter results on Wednesday, UniCredit said it would be updating its freshly launched Team 23 plan in the wake of the coronavirus crisis, which has dented profitability. -
Citigroup is determined to emerge as a winner from the Covid-19 crisis and conquer the summit of global investment banking, in the face of any pull to concentrate more on home markets, writes David Rothnie.
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SBAB Bank found plenty of room to tighten the pricing on a new preferred senior deal in euros on Wednesday, after investors welcomed the trade’s green credentials.
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Martin McKinney, senior manager of medium-term funding at Santander UK, speaks to GlobalCapital about the impact the UK’s lockdown on the bank’s balance sheet, central bank liquidity, and the bank’s changing mix of regulatory and pure funding.
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Bank Mandiri has continued the flow of Indonesian dollar bonds in the primary market, raising $500m on Tuesday with just a small 5bp new issue premium.
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Danske Bank was marketing a preferred senior bond on Tuesday, taking swift advantage of recent changes in Denmark that will allow banks to use these instruments to count towards their regulatory debt requirements.
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