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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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Portuguese banks are preparing to build towards their minimum requirements for own funds and eligible liabilities (MREL), having been lifted by an encouraging year in terms of non-performing loan disposals and by a strong performance in the domestic economy. -
BNP Paribas enjoyed a bumper increase in revenues from primary bond issues and fixed income trading in the last quarter, it revealed on Thursday.
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Poland's mBank Hipoteczny has mandated leads for a roadshow ahead of a planned sub-benchmark sized deal. It could surface in a busier than expected market in November now that some issuers will be reconsidering their funding strategies after the European Central Bank bought more than anticipated in the primary market this week.
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Banks are lining up to refinance additional tier one deals ahead of their call dates in 2020, after a string of deals this week proved that yields are teetering on record lows in the market.
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HSBC has begun the process of finding a new global head of debt capital markets, as company veteran Jean-Marc Mercier changes jobs to become vice-chair of capital markets.
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Credit Suisse’s third quarter results, released on Wednesday, continued a trend for the bank this year: suffering in the primary markets but doing well in trading.
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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