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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 Fédération des Caisses Desjardins du Québec (FDCQ) issued its longest covered bond at its tightest-ever spread to Canadian peers on Tuesday. -
Legal & General Group (L&G) was four times subscribed for a £600m tier two in the sterling market this week, as it looked to strengthen its capital position.
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Financial institutions are rushing to sell new deals in the euro market, fearful that the window for issuance will close after Thanksgiving in the US next week.
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Saxo Bank gave investors a chance to pick up one of the highest yields on offer in the additional tier one (AT1) market in euros this week, albeit in a very small sub-benchmark size.
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The issue of how "transition" activities, which are not green but are moving in the right direction, should be treated in European legislation will be discussed on Wednesday by the European Parliament, Council and Commission as they try to reach agreement on the EU's Taxonomy of Sustainable Economic Activities.
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Ageas is offering to purchase FRESH securities — a series of legacy capital instruments — from its investors, in a bid to improve its capital structure. The Belgian insurance company intends to replace the notes with a new restricted tier one bond in euros.
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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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