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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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Nationwide Building Society launched a three year preferred senior bond in sterling on Friday, with the trade’s success coming as 'no surprise' amid a favourable backdrop in the currency. -
Landesbank Baden-Württemberg (LBBW) is set to become the first issuer of green non-preferred senior paper in the sterling bond market, as well as the first financial institution to include sustainability ratings in a new deal mandate.
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As head of BlackRock, the largest asset manager, Larry Fink’s pivot to responsible investing in recent years has been influential.
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After a brisk start to the year, the pace of covered bond supply had already begun to slow by Thursday amid growing concern that the European Central Bank would be compelled to step up purchases, igniting fears of a technical squeeze. Bill Thornhill reports.
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Rating: Baa1/BBB/BBB
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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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