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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
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
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The Italian government will allow two public institutions to recapitalise the struggling lender Banca Popolare di Bari, giving them room to provide it with about €1.5bn. -
There are fundamental reasons for UK assets to be revalued upwards, analysts believe. The powerful majority achieved by Boris Johnson's Conservatives tilts the UK towards a Trump-like market-friendly, fiscally generous patch. But the reality of Brexit cannot be ignored for long.
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With a Conservative majority in Parliament meaning the UK will almost certainly leave the EU in January, attention turns to the transition period —market participants expect prime minister Boris Johnson to break his pledge not to extend it. Meanwhile, the UK’s financial sector now knows it will become less aligned to the EU, and bankers on contingent contracts could be about to move across the Channel.
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There were audible sighs of relief on equity capital markets desks on Friday morning as Boris Johnson delivered a hefty Conservative majority in the UK general election. Bankers are now prepping for a busy 2020 and a solid UK issuance calendar. A state block trade of Royal Bank of Scotland shares is among the most anticipated chunks of business for next year.
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The Conservative Party’s strong win in Thursday’s general election is thrilling the UK’s financial sector and business world on Friday. Shares in UK banks and house builders — the very domestic sectors seen as most at risk of a hard Brexit or weak UK economy — have soared by 10% and more, while bond yields, especially for banks, have tightened sharply.
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Each year brings another retreat for European investment banks, as their seemingly invincible US competitors edge further into the European market. While the Europeans are far from capitulating, the pressure is relentless. As Jasper Cox reports, they are trying to redefine success by concentrating on the markets and segments where they are strongest
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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