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◆ Books remain intact with premiums paid ◆ Investor fatigue setting in ◆ Yields falling after Iran-US peace deal progress
Books were nearly four times the deal size, a record €1bn
◆ First deal to release IPTs on busy day ◆ MPS M&A bid had 'no impact' on deal, says lead ◆ Priced flat to fair value
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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The Australian Prudential Regulation Authority (APRA) outlined plans to develop and impose "vulnerability assessments", or stress tests, to evaluate the resilience of Australian banks to the effects of climate change. -
ING was praised for pricing a coupon of 4.875% in what was the only financial institution trade of the week in the euro market. The lender had to brave much tougher market conditions in its second attempt at this bond issue, having pulled its first attempt amid news of its chief executive jumping ship.
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Credit spreads lurched wider at the beginning of the week, with investors reacting to reports of further cases of the Covid-19 coronavirus outside of China. The reaction fell short of panic, but bankers said that some issuers were moving to delay their plans for bond deals.
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SIA, the state-controlled Italian payments company, is pushing ahead with plans for a listing in Milan this year, according to sources, if the Covid-19 coronavirus does not destroy sentiment for Italian equities.
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Asia’s bond market has had an undeniably stellar start to 2020. Despite the spread of the novel coronavirus, now named Covid-19, investors are continuing to buy bonds at remarkably tight prices as issuance accelerates. But the non-stop enthusiasm raises a serious question — are market participants too positive?
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Santander UK took advantage of improving sentiment in the euro market to launch a new senior bond from its holding company on Friday, while Hamburg Commercial Bank announced its intention to raise tier two capital.
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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