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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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The Green and Social Bond Principles’ executive committee has decided to leave the Principles unchanged this year, but is publishing three new documents on Thursday to help market participants. It also plans to launch an Advisory Council, to enable it to listen better to the concerns of the market.
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China Merchants Bank priced three year bonds on Wednesday that were split between a $600m floating rate note (FRN) and a €300m fixed rate tranche. -
TBC Bank, Georgia’s largest bank by assets, loans and deposits, has set the size for its debut dollar bond at $300m and order books for the deal are already well over that amount.
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OP Corporate Bank offered sold a senior non-preferred bond in euros on Wednesday, the whose success of which surprised market participants with its pricing and demand of more than three times the deal size. Oberbank also went to market with a senior preferred bond that did not attract as much demand.
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BBVA and Santander came to the euro-denominated FIG market on Wednesday to make use of favourable conditions, proving that it is deep enough to digest supply from two issuers from the same country. Both banks priced their deals close to or at fair value.
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Rabobank is set to open order books for a two-part euro covered bond that takes advantage of the demand for higher yielding debt with the inclusion of a 20 year tranche. At the same time Coventry Building Society is planning a seven year in euros.
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