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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
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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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De Volksbank was three times subscribed for its debut green bond this week, despite not offering much in the way of yield or new issue premium to its investors. -
Groupama seized an opportunity to replace one of its outstanding tier twos with a cheaper set of capital instruments on Monday, drawing on sizeable demand for higher yielding assets in the euro market.
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FIG borrowers jumped into the dollar market with lightning speed this week, snapping up attractive financing rates.
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Six Greater China borrowers, including Industrial and Commercial Bank of China (Macau) and an unrated property developer, have wooed bond investors to their new dollar deals.
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UBS is revamping its investment bank to put the unit on a more global footing and boost collaboration across divisions, in a move that finally draws a line under the Andrea Orcel era.
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Bank of Ireland was unable to complete the sale of a tier two transaction this week, after the UK Parliament descended in chaos. Bond buyers have by and large taken a pragmatic approach during Brexit negotiations, but market participants said that on this occasion the Irish issuer had “misjudged” how nervous investors were, writes David Freitas.
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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