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◆ Bank's second labeled tier two in currency this year ◆ Limited attrition ◆ Volatile energy backdrop amid Strait of Hormuz tensions
◆ Volkswagen Bank raises €2.5bn across three green tranches ◆ RCI Banque returns with €1.25bn dual trancher ◆ Investors turn more cautious on duration
◆ Korean covered was one of two new issues on Monday ◆ Third Korean covered bonds in three weeks ◆ Leads chose only two deals as comparables
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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Deutsche Bank issued the most oversubscribed Pfandbrief since mid-July on Wednesday. The strong showing contrasted to Bawag, which competed less well for investors’ attention with a deal in the same tenor and with the same starting spread. The unconvincing Austrian outcome has caused some to question the market outlook and one borrower to postpone issuance. -
Crédit Agricole and Banque Fédérative du Cedit Mutuel had contrasting responses for preferred senior bonds in the sterling market on Wednesday, with the French banks deciding to hit the market as members of the UK parliament returned to their seats.
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Three borrowers from the Middle East came to market on Tuesday, raising a combined $3.35bn from five tranches across the curve. The deals come on top of a period of heavy supply, including Abu Dhabi’s $10bn triple trancher on Monday.
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UBS has hired an experienced green bond banker from SEB to lead its effort in that fast-growing market, from a base on the London syndicate desk.
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Just Group is set to become the third insurance company in a week to buy back some of its subordinated bonds with a view to replacing them with new securities in the market. But CreditSights have cautioned against taking a 'speculative' position in the company's new bonds, which arrived with price thoughts above 8% on Thursday.
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KEB Hana Bank visited the offshore market on Tuesday for the third time this year, raising $400m from a floating rate note.
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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