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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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The pace of growth in green mortgage financing is improving, but it is still woefully inadequate, particularly with respect to covered bonds where there are no price advantages. Fiddling with mortgage risk weights while the world burns will not change behaviour quickly enough.
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Could Deutsche Bank’s relegation from the top table of investment banks puncture Germany’s positive impression of its banking system, leading to a breakthrough in Europe's banking union? -
Nationwide Building Society and Mitsubishi UFJ Financial Group joined in a Yankee stampede to the dollar market on Thursday, as issuers exploited red-hot funding conditions while markets rallied on a dovish message from US Federal Reserve chairman Jerome Powell.
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Everyone had been expecting another strategy overhaul from Deutsche Bank, but no-one expected the depth of the cuts to be so brutal. The bank is to end much of its equities business and refocus on corporate banking, and shed nearly 20,000 jobs. But observers are wary about the bank’s ability to restructure without inflicting more pain than it has forecast.
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Having successfully accessed the equity, convertible and AT1 market last week to finance its acquisition of Cashgate, Zurich-based Cembra Money Bank made it a full house on Monday when it added a senior unsecured trade to its summer funding spree.
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Toronto-Dominion Bank (TD) took full advantage of strong market conditions this week to issue a $1.75bn three year dollar benchmark and a €1.25bn eight year. The two deals followed a recent Sonia-linked £1bn three year and a euro benchmark issued at the start of the year.
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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