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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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Ageas sold a restricted tier one (RT1) bond this week in an effort to replace some of its grandfathered securities. The insurer secured tight pricing, bolstered by about €5bn of orders. -
A director working on debt advisory and structuring at Barclays is leaving the bank to take up a new job on the buy-side.
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UniCredit’s plan until 2023, revealed in London on Tuesday, involves rewarding shareholders with larger distributions on the back of a growth in revenue. The payment of these distributions will be given greater protection, thanks to the creation of a new intermediate holding company to lessen the bank’s regulatory capital burden. Meanwhile, chief executive Jean Pierre Mustier was clear that large M&A does not form part of the bank’s plans.
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James Ruane, who worked for Deutsche Bank looking after its own M&A activity, has moved from the bank.
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Danske Bank has appointed two senior bankers to lead its reorganised global debt capital business.
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Barclays offered investors a rare chance to add exposure to its senior debt in euros on Monday, helping to fill a supply gap from UK issuers in this currency.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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