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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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Investors did not want to miss out on the senior bond marketed by KBC Group on Tuesday, as the issuer seized on strong market conditions to extend its credit curve and launch a deal at what many saw as fair value. -
Jyske Bank offered a small new issue premium to investors in a tier two offering in euros this week, taking the opportunity to optimise its capital structure in favourable market conditions.
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Banca Monte dei Paschi di Siena was marketing a new senior bond in the euro market on Tuesday, a matter of days after it completed its capital raising plan with a tier two sold at 8%.
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The Asian bond market has been red hot since the start of 2020. With nearly every day bringing a number of blowout deals, it would be easy to overlook the three borrowers that have fallen short of completing their proposed transactions. But the failed deals may be a sign of things to come.
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DZ Hyp has announced plans to issue a €750m four year mortgage Pfandbrief which will compete for investors’ attention alongside other sub-benchmark Pfandbriefe from DekaBank and Overbank. A fourth issuer is also expected to announce a benchmark covered bond in euros, with execution likely before lunchtime on Tuesday.
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NordLB Luxembourg attracted exceptionally strong demand for its inaugural renewable energy covered bond on Monday — the first ever to be issued under the country’s new legal framework. This was despite the deal being sub-benchmark size and not eligible for the European Central Bank’s covered bond purchase programme.
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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