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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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CNP Assurances is planning to offer investors a rare green bond from the insurance sector, and the intended use of proceeds looks more worthy than some previous efforts — for example, from QBE Insurance Group. However, issuing a sustainability bond is of less relevance for insurers’ environmental, social and governance (ESG) priorities than it is for other types of issuer. -
UniCredit’s German subsidiary, HVB, has mandated leads for the first dollar covered bond in its 150 year history reflecting a preference to avoid issuing a negative yielding euro benchmark.
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Credit Suisse has published a base prospectus for its newly set up covered bond programme, suggesting it may be ready to make a formal deal announcement in the next few days.
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Mediobanca attracted strong demand on Monday for a long seven year Obbligazioni Bancarie Garantite (OBG), which offered an eye-catching yield despite pricing well through BTPs. The deal emerged as the short end of the covered bond curve plunged deeper into negative yielding territory.
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Skandinaviska Enskilda Banken did not have to pay a new issue premium amid favourable market conditions on Monday, after offering investors the chance to buy a new preferred senior bond.
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Nykredit Realkredit and Société Générale paid next to no new issue premium for their new non-preferred senior bonds on Monday, though some bankers have begun to wonder how much longer these pricing dynamics can hold.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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