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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
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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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Santander Consumer Bank AS was well supported for a rare offering of preferred senior debt at the beginning of the week, as market participants suggested that spreads on Norwegian bank bonds could have room to tighten further. -
The first fully public syndicated sale of senior ABS backed by Italian non-performing loans in recent years has tempted five new investors to buy into the NPL asset class. Ten buyers were allocated bonds in the landmark deal, Futura 2019.
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Royal Bank of Scotland — or NatWest Group, as it plans to rebrand itself later this year — is set to cut back risk-weighted assets in the investment bank, particularly in rates. The bank also committed to stricter lending and underwriting criteria for fossil fuel companies.
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JP Morgan was the only financial institution tapping the euro market for senior paper on Friday, looking to make use of the sentiment rebound after some indigestion on Thursday.
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One of the most prominent debt bankers at HSBC has left the firm, as the reorganisation of senior management under interim CEO Noel Quinn continues.
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Deutsche Bank’s ability to issue a new additional tier one bond illustrates the lesson of investing in European banks over recent years: bet on bonds, not equity.
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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