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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
◆ Steady demand thanks to improved investor perception ◆ Deal pays high single digit premium... ◆ ... but becomes issuer's tightest unsecured issuance in many years
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 debt investors are growing increasingly nervous about the impact of the Covid-19 coronavirus, arguing this week that the risks in the market still outweigh the rewards. -
Christian Moor, principal policy officer at the European Banking Authority, has switched roles after steering the regulatory body’s approach to securitization and covered bonds for nearly a decade.
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Luminor Bank attracted strong demand for its debut covered bond on Wednesday, the first under Estonia’s legal framework and the first from the Baltic region. Despite a negative reoffer yield, it attracted a higher subscription ratio than any other five year euro benchmark issued this year.
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Banco BPM unveiled an ambitious new strategic plan this week, accounting for the potential impact of Covid-19 in northern Italy. The bank intends to reduce its reliance on the European Central Bank (ECB) for funding and take advantage of regulatory changes allowing additional tier one to be included in Pillar 2 capital requirements.
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Lloyds Banking Group is giving investors a chance to switch out of a legacy tier two and into a new instrument, without the basic terms of their securities changing.
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The US Federal Reserve’s emergency 50bp cut in interest rates on Tuesday failed to reassure markets. The US and European response to the Covid-19 coronavirus outbreak needs to incorporate targeted fiscal policy as well.
Polls and awards
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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
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