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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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Commerzbank said on Tuesday that it was looking to issue its first ever additional tier one (AT1) instrument, following a roadshow that begins later this week. -
The order book for Sharjah Islamic Bank’s $500m perpetual non-call six year has exceeded $5bn as investors pile into the first benchmark from the region since the end of May.
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BNP Paribas on Tuesday offered a 12 year tier two bond in bullet format, making use of favourable conditions to offer investors a chance to invest in a longer dated deal.
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The Bank of Bahrain and Kuwait has picked banks for a dollar benchmark, following a roadshow.
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UniCredit AG issued its first dollar Pfandbrief on Tuesday, shortly after DekaBank had quickly wrapped up a sub-benchmark eight year. The two deals followed an inaugural sub-benchmark seven year from Slovakia’s Tatra banka that was priced on Monday.
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Saxo Bank has announced plans to sell its first tier two bond, outlining its expectations for pricing before opening the order books.
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