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◆ Bank's second labeled tier two in currency this year ◆ Limited attrition ◆ Volatile energy backdrop amid Strait of Hormuz tensions
◆ Leads picked three Achmea bonds as comps ◆ Dutch bank’s was one of two covereds on Monday ◆ Achmea’s was fourth Dutch covered this month
Two deals could demonstrate premium between STS and non-STS non-conforming RMBS deals
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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A rise in the Swiss swap curve and an improvement in cross-currency dynamics helped momentum created by a well-received Citi trade last Friday to be carried over into this week. Three familiar FIG names returned to the market on Monday, including Chile’s Banco de Credito e Inversiones (BCI). -
Regulatory constraints could be eased for securitizations of non-performing loans (NPLs), according to a European Banking Authority (EBA) opinion paper published on Wednesday.
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Banks could ramp up the supply of new bond deals towards the beginning of November, according to FIG DCM officials, after taking a slower and more cautious approach to the market in recent weeks.
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Negative rates are expected to persist in covered bonds, forcing investors to widen their search for value. And with spreads likely to tighten as the European Central Bank ramps up buying from November, some are looking to local currency Nordic markets.
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UBS is reorganising its investment bank, trying to save $90m a year, it revealed on Tuesday, alongside a dismal set of third quarter results for underwriting and advisory.
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Rabobank shrugged off a little price sensitivity this week to launch a green non-preferred senior bond at a spread that FIG bankers said was as much as 5bp through fair value.
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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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