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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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Caisse de Refinancement de l’Habitat (CRH) managed to attract demand of more than €6bn for its two part eight and 15 year transactions issue on Tuesday, with the bonds pricing tighter than where BPCE recently issued similar deals and with considerably more demand — despite a 22bp plunge in yields and with consistent demand from the European Central Bank. -
National Australia Bank attracted healthy demand for its £1bn five year Sonia-linked covered bond issued on Tuesday, pricing the deal much tighter than where Commonwealth Bank of Australia issued two weeks ago with more demand and at an equivalent cost of euro funding.
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The European Commission wants to develop new non-financial reporting standards that will compel EU companies to publish more information about the risks they face from climate change and other sustainability issues.
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Société Générale has mandated leads for a green covered bond, the second to be issued under its Positive Impact framework. At the same time Sparkasse Pforzheim Calw is due with a sub-benchmark Pfandbrief.
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More than three quarters of European banks have poor standards of internal governance, according to the European Central Bank, which warned on Tuesday that management bodies were simply 'not effective'.
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The European Central Bank (ECB) confirmed this week that it asked two financial institutions to take “remedial actions” to meet guidance levels of Pillar 2 capital.
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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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