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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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Banks pride themselves on analysing and pricing credit. But are they really just slaves to the rating agencies? -
Bond yields were in free-fall this week after the world’s two major central banks suggested they might ease their monetary policies further to prevent an economic downturn. With masses of global debt now yielding below 0%, some corporate and financial borrowers are standing on the brink of having to issue shorter term paper at negative rates.
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Santander this week showed the breadth of its funding options with a third dollar deal in as many weeks as it exploited red-hot conditions for senior preferred paper.
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Bankia sold its first senior non-preferred bond this week after the market rallied following a dovish speech from Mario Draghi, president of the European Central Bank. The issuance attracted a hefty book of €3.7bn, more than seven times its pre-determined size of €500m.
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Piraeus Bank offered hope to other Greek banks hoping to access bond funding by printing a tier two bond on Wednesday. It was the first Greek issuer to have sold a deal in this asset class since the financial crisis, getting hefty orders in the process.
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Issuance in Swedish kronor picked up this week, with three corporate issuers placing Skr6.28bn ($667.9m) across four private placements, as issuers looked to get in ahead of the midsummer break. In euros, a Dutch and French agency both placed paper, while protests in Hong Kong caused yields to spike in offshore Chinese renminbi and Hong Kong dollars.
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