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◆ Friday Italian capital raising completed ahead of potential big issuance next week ◆ Strong market tone drives rise in AT1 bids ◆ Bank marches inside 300bp reset but also through recent Commerzbank spread
◆ Unusually busy Friday for European bank funding ◆ Small premium, large demand ◆ Meanwhile 10 year OAT-Bund spread breaches 100bp
◆ Larger-than-usual size ◆ Constructive Friday opening led to three well-received FIG trades ◆ ...of which Alpha may have paid the least NIP
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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Covered bond yields plunged further on Thursday, and with the European Central Bank's covered bond purchase programme (CBPP3) expected to be reactivated, it seems likely that negative yielding covered bond issuance will soon extend to issues outside Germany. -
Banca Monte dei Paschi di Siena was selling senior debt in euros on Thursday and UBI Banca was marketing tier two bonds, after the pair came rushing into the market to take advantage of a favourable backdrop for Italian credits.
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La Banque Postale took its first step into the preferred senior bond this market, securing €750m of tightly priced senior funding in the euro market on Thursday.
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The return of ultra-low yields has also meant the return of enormous order books – Commerzbank’s $11bn of demand for its $1bn AT1 debut this week and Merck’s €11bn for €1.5bn two weeks ago, come to mind.
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Fineco Bank is lining up the sale of a €200m additional tier one (AT1) bond after recently becoming independent from UniCredit — a deal that will make it only the fourth Italian issuer to raise capital in the asset class.
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When the Mont-Soleil solar power plant went into operation in early 1992 it was not just the first of its kind in Switzerland: it was the largest photovoltaic installation in Europe.
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