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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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Ten more Asian issuers rushed to the dollar bond market on Monday, further adding to the record debt issuance seen in the region last week. -
US food group General Mills sold €200m of short dated notes on Wednesday, in its first sole-led deal since 2017.
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BBVA founds itself alone in the euro FIG market on Friday as it launched a €1bn tier two bond on the back of €4bn of demand. The deal caps off a busy week for supply, in which investors have shown out-sized demand for the highest yielding transactions.
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Raiffeisenlandesbank Oberösterreich has signalled that it will issue a new 15 year covered bond in the euro market next week, with the Austrian bank keen to book its spot in an extremely crowded market.
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Bank of China kicked off the year’s supply from Asian lenders by raising close to $2.5bn from three senior bonds in dollars and euros.
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Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
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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