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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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Demand for ground-breaking covered bonds issued on Wednesday by Deutsche Bank and Danish Ships Finance was adequate but both required hefty premiums — illustrating a higher degree of investor caution than had been expected. -
One Middle Eastern bank is in the market with a sukuk additional tier one note, while a second announced it will go on the road for its own AT1.
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La Banque Postale shied away from hitting the bottom end of the guidance pricing range for its debut additional tier one (AT1) on Wednesday, after losing about half of its order book during the sales process.
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Lloyds Banking Group marketed an additional tier one in the sterling market this week, making use of favourable conditions. The lender was “quite an attractive credit” in an undersupplied market, according to analysts.
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Investors have embraced the bonds of smaller European financial institutions this year, as they search for higher returns in an environment where interest rates are expected to remain low for a long time.
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Mediobanca’s plan for the next four years involves boosting advisory origination and using capital more efficiently in its corporate and investment bank (CIB). It is also committed to issuing a sustainability themed bond.
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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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