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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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Banca Monte dei Paschi di Siena, the ailing Italian bank, was offering a double digit yield in return for investment in a new €300m tier two on Tuesday, as it looked to chip away at its €700m shortfall in the asset class. -
Banco di Desio e della Brianza took advantage of a recent 100bp rally in Italian government bonds to issue an Obbligazioni Bancarie Garantite (OBG) on Tuesday with a negative new issue premium.
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Royal Bank of Canada and Credit Suisse turned to the euro market this week to launch bail-inable senior bonds, testing market conditions amid European earnings blackouts and before an expected break for the summer.
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Mitsubishi UFJ Financial Group (MUFG) sold new five and 10 year senior bonds in euros this week, with only 9bp of difference between the final pricing on the two tranches.
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Muenchener Hypothekenbank has mandated lead managers to execute a new Reg S dollar Pfandbrief. The deal follows a series of German dollar covered bonds issued at the short end of the curve this year.
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Pension Insurance Corporation has announced plans to issue its first restricted tier one (RT1) instrument as it looks to fund the growth of its business. Analysts at CreditSights suggest the deal could be priced with a coupon of about 7%.
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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