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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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Public sector borrowers have been ripping up new issuance records in the sterling market since 2017. But that rich run could all be about to end with underlying spreads making the market unattractive versus euros and dollars. However, that will not deter bank borrowers who are set to party on in pounds, write Burhan Khadbai and David Freitas. -
Bond markets have been exposed to an epidemic of optimism this January.
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Eight financial institutions combined to raise €6.25bn of senior funding in the euro market this week, with supply volumes expected to drop off briefly for earnings season before ramping back up again in early February.
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Credit Suisse has streamlined its investment banking and capital markets operation (IBCM) and is confident that it will return to form after a chastening 2019, writes David Rothnie.
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Banca Monte dei Paschi di Siena wrapped up its second deal of the month on Tuesday, capping off a busy period for Italian deal flow in advance of important regional elections.
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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