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Higher new issue premiums make deals shine amid market volatility
◆ Strong conditions seized to print first AT1 in a year ◆ Comes more than a year ahead of next call ◆ Tight valuation, high yield leads to the bank's lowest outstanding reset spread
Citigroup and Wells Fargo hit positive post-Fed market with a $18bn salvo
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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Bill Ackman’s hedge fund management company Pershing Square Holdings has sold $400m worth of 20 year bonds to Guggenheim Partners Investment Management. -
Robust demand for this week’s covered bond from Banco di Desio e della Brianza has boosted hopes of further supply from the eurozone periphery. But, with further European Central Bank stimulus on the way, a supply ‘onslaught’ is unlikely.
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Tesco Personal Finance ratcheted in the pricing on its debut senior unsecured bond on Thursday, starting with a high new issue concession but bringing it in by 35bp amid hefty investor demand.
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Pension Insurance Corp (PIC) offered a pickup over similar instruments for its debut restricted tier one (RT1) transaction on Thursday. It hopes the deal will help it tap into growth in the UK’s pension risk transfer market.
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Ilfryn Carstairs, global chief investment officer at alternative investor Värde Partners, will become co-CEO from next year, while keeping his co-CIO title.
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Nationwide Building Society has restructured the swaps underlying its covered bond programme to ensure a proportionate share of the cover pool's mortgage interest will be swapped to Sonia, winning approval from Moody's this week.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
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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