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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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Caffil found good demand for a tightly priced €750m 20 year covered bond on Tuesday — the longest maturing deal issued by a core European bank so far this year. Hamburger Sparkasse was able to launch an eight year Pfandbrief benchmark in the same window, also without giving away much of a premium. -
SEB found calm conditions in the euro market this week as it paid a small new issue premium to launch a bail-inable senior bond on the back of its recent results announcement.
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Bonds sold by Banca Monte dei Paschi di Siena were surging higher in secondary market trading this week, amid reports that the Italian bank was close to agreeing plans to offload a €10bn portfolio of non-performing loans.
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Erste Group issued the best covered bond in January according to GlobalCapital’s newly updated BondMarker — which is now derived from facts, as opposed to survey-based opinion.
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Caffil mandated lead managers on Monday for the longest core European covered bond of the year so far. The deal takes advantage of the surge in demand for absolute return following a plunge in yields that has taken most of the covered bond market into negative yielding territory. Bankers are also hopeful that Nordic covered bond supply will emerge this week.
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Alpha Bank announced plans for a new issue of tier two capital on Monday, as the bank looks make use of a favourable backdrop in the bond market and renewed investor interest in Greek assets.
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