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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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HSBC’s anticipated cuts to its global banking and markets (GBM) division may make sense. But they will not be easy to pull off smoothly. -
Grenke priced an additional tier one (AT1) bond on Tuesday, enjoying strong appetite from domestic investors. The German lender raised €75m, an additional €25m compared with the expected size.
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The European Central Bank has been increasing its proportion of covered bonds relative to other assets bought through its asset purchase programme (APP). Bank research analysts expect that the ECB’s presence will be even more keenly felt in 2020, with covered bond redemption volumes set for a steep increase and with the central bank free to buy at levels below the discount rate.
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BPCE appealed to a wide range of investors by adding a green element to its preferred senior bond on Tuesday. The trade was met with hefty orders, even though investors are showing signs of winding down for the year.
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DNB Bank did not require a premium to raise $2bn of short dated senior funding at the beginning of the week, as it swooped into the market ahead of the US Thanksgiving holiday.
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TMB Bank Public Co has sealed a $400m Basel III-compliant additional tier one bond. The rarity of the Thai deal made price discovery tricky.
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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