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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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Deutsche Bank’s strategic overhaul looks set to maintain the bank’s leading position in debt capital markets and leveraged finance. But it casts doubts over Deutsche’s ability to retain a top tier corporate finance franchise and could signal the slow death of its equity capital markets franchise, writes David Rothnie. -
The pace of issuance looks set to slow down over the next few weeks, but a few opportunistic transactions could emerge given strong market conditions, bankers said on Thursday.
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Commerzbank has decided to replace its retiring corporate clients head with Roland Boekhout, who works for ING — a bank that had been rumoured to be interested in buying the German firm.
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National Bank of Greece showed market participants on Thursday that investors are still ravenous for higher beta products across peripheral Europe. Marketing a tier two bond, the bank attracted demand worth more than four times the final size of its €400m deal.
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FinecoBank was more than nine times subscribed for its first ever sale of an additional tier one instrument on Thursday, despite pricing the deal at a level that was lower than what might have been expected for a similar offering from UniCredit, its former parent.
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The Natural Disaster Fund, backed by the UK government, has a first option to subscribe to a small catastrophe bond to be issued by the Danish Red Cross, which conveys volcano risk.
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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