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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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Credit Suisse has reported a strong end to last year for fixed income sales and trading, in chief executive Tidjane Thiam’s last week in the job. -
Arion Bank showed its eagerness to issue additional tier one (AT1) capital on Thursday as Icelandic banks get ready to benefit from a change in the national tax treatment of the instruments.
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Italian banks have been piling into the primary bond market in the first quarter, capitalising on an incredible rally in the sector as investors look for new sources of value.
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ING Belgium has mandated lead managers for its first covered bond since September 2018 and its fifth since the programme’s inception in 2013. The prospective deal may just avoid being issued with a negative yield, but it’s a close call.
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Nordic banks Länsförsäkringar Bank (LF Bank) and Landsbankinn were able to offer “attractive value” in the preferred senior market this week, amid a general hunt for yield among credit investors.
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Piraeus Bank took advantage of the recent hunt for yield in the euro market this week, pricing a new tier two with a yield of 5.5% on Wednesday. The €500m bond was eight times subscribed, which is testament to the prevailing hunt for yield in the bond market.
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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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