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Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
Yankee deals range from subordinated debt debuts to super long senior extensions
◆ Spanish covered was only new issue on Wednesday ◆ Tenor has been well-issued in past week ◆ Banker said market to slow from here
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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With primary bond markets all but shut, thanks to the volatility caused by the spread of the coronavirus, banks are expected to rely more heavily on “cheapest to deliver” — and more reliable — sources of funding provided by central banks and the covered bond market, bankers told GlobalCapital on Thursday. -
EU supervisors plan to ease the regulatory pressures on banks during the Covid-19 pandemic, allowing them to temporarily breach capital and liquidity buffers to carry on lending to the real economy.
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China Cinda (HK) Holdings Co priced a $2bn four-tranche transaction on Wednesday, paying a premium to reach its size target as the fast-spreading novel coronavirus, or Covid-19, continued to rattle global markets.
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Asian bonds showed some signs of life mid-week after markets collapsed on Monday. But that reprieve proved to be extremely short-lived, as another round of panic selling on Thursday left issuers with little choice but to put their deals on hold. Morgan Davis and Addison Gong report.
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Spreads on bank bonds were sent shooting wider again on Thursday, caught up in further negative news around the Covid-19. But market participants are still unsure about how much of impact the pandemic will have on bank credit quality, with the sector already facing pressures over profitability.
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Patrick Porritt has left Credit Suisse, as the bank promotes new faces.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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