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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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UBS has made several senior staff in Spain redundant, including Madrid-based DCM managing director Daniel Vazquez Villanueva, GlobalCapital understands. The cuts came as part of a general redundancy round last year, but revenues from the region have been hurt by a hard stop in business from Santander after it decided not to hire former UBS investment banking boss Andrea Orcel as chief executive. -
Santander went up against Crédit Agricole with a 12 year covered bond on Thursday. Although the Spanish lender announced its deal after the French bank, a generous start ensured Santander sucked demand from the French deal, which was also hurt by a lower than expected European Central Bank order. Santander also issued a deeply negative yielding five year that attracted excellent demand.
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Luminor Bank has mandated leads for the first covered bond from the Baltic region.
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A lack of credible internal candidates and a desire for stability across its divisions led UBS to cast the net wider to find a successor to chief executive Sergio Ermotti. It has appointed ING CEO Ralph Hamers.
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BPCE raised senior bond funding in sterling on Thursday, making use of constructive conditions in the currency. The lender launched its deal at a spread that, on an after-swap basis, was roughly in line with where it could have landed in euros.
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Intesa Sanpaolo chose to split an additional tier one (AT1) deal into two tranches on Thursday, with one eye on the secondary performance of the bonds and the other on the maturity profile of its debt capital stock.
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