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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 issue for 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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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. -
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.
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DBS Group Holdings raised $1bn from a record setting bank capital transaction on Thursday. With the order book more than five times subscribed, the Singaporean bank was able to seal its trade at the lowest coupon ever.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
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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