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◆ Deal followed HSBC's €3.75bn three part deal... ◆ ... and paid less NIP, tackling shorter end of curve ◆ Book grew after price revision
◆ 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
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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BerlinHyp (BHH) reopened the covered bond market after the summer break with a €1bn three year that yielded almost 20bp less than the European Central Bank’s deposit rate. The transaction could cause some issuers to reconsider their funding approach as the deal can profitably refinance liquidity borrowed under the last Targeted Longer-Term Refinancing Operation (TLTRO II). -
Tinkoff Bank, a Russian online bank, may return to the Eurobond market as early as this year as the prices on offer for their international bonds look attractive, even after the latest set of US sanctions on Russia, according to Larisa Chernysheva, head of investor relations at Tinkoff.
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The European Central Bank has given Banca Carige the all-clear to try and carry out its latest plans to turn itself around. The ailing Italian lender said on Monday that its next step will be to ask its shareholders for their approval at a meeting next month.
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RSA Insurance Group is looking at selling a new senior bond in sterling, as investors in the UK currency look forward to a bumper year for issuance from the insurance sector.
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ASB Finance Limited has announced plans to sell either a covered bond or a senior bond next month, as FIG bankers suggested that issuers would be careful about restarting supply following a volatile summer period.
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The European Central Bank said on Thursday that AS PNB Banka was "failing or likely to fail", marking the second time in as many years that a Latvian bank has been declared insolvent.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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