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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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Lloyds Bank Corporate Markets, the non-ringfenced arm of Lloyds Banking Group, has made its capital markets debut. The UK bank went private to place short-end paper in both fixed and floating rate formats, ahead of a debut in the public market later this week. -
Cembra Money Bank, the Swiss financial services company, struck a Sfr277m ($281m) deal to acquire Cashgate on Monday, a Swiss consumer leasing and credit provider, from Aduno Holdings.
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The European Banking Authority (EBA) has said that Basel III rules could have a severe impact on capital ratios in the European banking sector, creating a capital shortfall of up to €135bn across the industry.
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Canadian Imperial Bank of Commerce (CIBC) has mandated leads for its first euro covered bond since January 2018.
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Covered bond spreads are so tight and yield so low, that a correction is probably overdue. But strong technical factors will continue to support the market — at least until September.
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Bankia returned to the primary market for a senior preferred bond on Tuesday, after launching a senior non-preferred bond just two weeks ago. The deal proved popular among investors, who placed orders of almost three times as much as the final deal size of €750m.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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