Top section
Top section
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
More articles/Bond Comments/Ad
More articles/Bond Comments/Ad
More articles
-
The euro market welcomed as many as nine new unsecured bonds from financial institutions on Tuesday, as the sector made a roaring start to the year. Attention is now turning to secondary market performance, as bankers look to see how the market absorbs the boom in supply. -
DCM officials were encouraged to see investors piling into new non-preferred senior bank bonds on Tuesday, as BBVA, Crédit Agricole and Credit Suisse combined to reopen the market. Borrowers have been willing to offer extra spread to investors at the initial price thoughts stage.
-
Issuers rushed to open the euro covered bond market this week. Trades from ABN Amro, Erste Group and LBBW showed that investors are ready to put cash to work, but higher new issue premiums suggested that issuers were taking a 'conservative' approach at the beginning of the year.
-
BNP Paribas and Danske Bank were looking to raise non-preferred senior debt in the sterling market on Tuesday, with the cost of funding in the currency having fallen into line with euro pricing levels.
-
Leeds Building Society opened books on Monday for its second Sonia-linked covered bond. The trade benefited from an ‘unparallelled’ level of demand, reaching almost four times its £600m size.
-
Rabobank opened books on its first ever non-preferred senior deal in sterling on Monday, as it sought to take advantage of a general lack of a supply in the currency over the course of the last couple of months.
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
Sub-sections
Comment