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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
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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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CNP Assurances won healthy demand for a green tier two capital bond issue this week, as insurance companies begin to embrace the idea of printing capital instruments as socially responsible investments. -
FIG bond funds are turning away from longer dated deals to take a more defensive stance in the market, after an impressive year in terms of returns.
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United Overseas Bank (China), a wholly-owned subsidiary of Singapore’s UOB, sealed a Rmb1bn ($142m) 10 non-call five year subordinated bond on Monday. The trade was the first internationally rated tier-two capital bond in the Mainland debt market.
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Hong Kong’s PCGI Intermediate Holdings, a subsidiary of FWD, raised $250m from the bond market on Tuesday. While the company hit its size target, orders were limited and the price guidance was unchanged throughout the day.
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A FIG syndicate manager has left UBS in London as part of a much wider reorganisation. This has boosted syndicate staffing levels in Frankfurt, among a number of sweeping changes.
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Credito Valtellinese (Creval) found strong demand for a €300m preferred senior bond on Tuesday, allowing it to push the pricing through its guidance range.
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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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