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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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Eurobank has securitized a €2bn portfolio of non-performing mortgages, ahead of the likely development of a Greek version of the Italian guarantee scheme for senior tranches of NPL deals. -
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Equity investors welcomed the prospects of elections in Greece, sending bank stocks up 25% this week. But with banks in the country struggling with non-performing exposures (NPE), the debt market is unlikely to see a change in negative sentiment, said FIG bankers.
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Commerzbank is expanding its investment banking business as it doubles down in its domestic heartland, writes David Rothnie.
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A sharp fall in Bund yields and swap rates has heightened the search for better returns. Bankers have been quick to tout covered bonds that pay a spread above mid-swaps as the answer to rates investors' troubles.
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