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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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Bank issuers led a flurry of dollar bond deals this week, as they dashed to wrap up funding before year end and ahead of the US Federal Reserve’s final meeting of 2019. -
Participants in the financial institutions bond market have displayed calm in the run-up to the UK general election next week. A lingering credit premium for the country’s banks, to cover for risks related to Brexit and the economy, has left investors feeling comfortable about any likely outcome of the vote.
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Bank capital experts were taken aback this week after UniCredit suggested that it would use subordinated debt to count towards its Pillar 2 capital requirements — a development that, if copied, could lead to a surge in the supply of additional tier one (AT1) and tier two bonds. It could also help financial institutions offset the negative capital impact of Basel IV. Tyler Davies reports.
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National Australia Bank returned to the Canadian dollar market for the first time in over nine years this week to place the largest ever Maple callable tier two, and the first since global financial crisis.
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M&G has mandated Deutsche Bank as sole arranger for a peer-to-peer (P2P) transaction backed by loans originated from Zopa, a UK fintech which received a funding injection of £140m the same day its provisional banking license was set to expire.
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Giancarlo heads to private sector — Barclays structurer goes to buy side — Danske reorganises DCM
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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