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◆ Fixed rate tranches leave double-digit concessions to attract hefty book ◆ Favourable cost to dollars ◆ HSBC surpasses 2026 holdco funding plan
◆ First euro funding in almost a decade ◆ Part of early refi of its last euro bond ◆ Rarity makes it a trickier sale during heightened market volatility
◆ Landesbank increases senior market presence ◆ Slower demand due to limited familiarity beyond Germany-speaking investors ◆ Similar execution to other recent 'rich' SP bonds
Data
Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
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
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Assicurazioni Generali has become the first European financial institution to launch a green tier two bond. The Italian insurer attracted €3.25bn of orders, helping it to price its €750m deal about 10bp inside fair value, according to a syndicate banker. -
Metro Bank had to cancel its plans to sell its debut non-preferred senior bond on Monday as investors focused on the risks overhanging its business. The UK challenger bank's inability to access the market, despite offering a 7.5% coupon, raises important questions ahead of a looming deadline for it to meet the minimum requirements for own funds and eligible liabilities (MREL).
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Talks on finalising the European Union law to introduce the much-discussed Taxonomy of Sustainable Economic Activities are at a sensitive stage. Countries disagree on what the Taxonomy should be, and although a compromise position is emerging, issues including nuclear power remain highly contentious.
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Banco Comercial Português found room to launch a new tier two instrument in the euro market on Friday, raising €450m with its second subordinated bond offering of the year.
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Although the European Central Bank (ECB) hasn’t said yet how it intends to split buying across the €20bn of net asset purchases that it plans on making each month, it is likely covered bonds will form an integral part. And if covered bonds tighten, that probably means much else will be dragged along for the ride.
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Investors bid a warm welcome to a heap of new bonds from financial institutions this week, spurred on by the knowledge that the European Central Bank would soon be back as one of the biggest buyers in the market. Bill Thornhill and Tyler Davies report.
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