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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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Covered bond deals issued on Tuesday by the Swedish Covered Bond Corp (SCBC) and UniCredit Bank Austria were priced tightly but the market proved softer than recent sessions and price sensitivity limited the Swedish bank’s size ambitions. -
The German Financial Stability Committee suggested on Monday that the country’s financial supervisory authority (BaFin) raise the countercyclical capital buffer in the face of what it sees as increasing systemic risk.
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The speed with which sterling sub-sectors have switched their benchmark rate from Libor to Sonia has been astonishing. There’s still some way to go, particularly in the corporate market, but the transition, which looked almost unassailable in 2017, might just be done on time.
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Münchener Hypothekenbank is looking to execute a trade for a seven year senior non-preferred bond, in a week pockmarked by national holidays across Europe. Meanwhile, Estonian bank Luminor will start investor meetings next week for senior preferred notes.
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Nationwide Building Society has promoted treasury official Carly Thomas to a newly created role, tasking her with leading the firm's strategy in sustainable finance.
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As the newly elected European Parliament and member states are just starting talks on who the next European commissioners will be, the Commission’s administration is already working on a draft strategy for the next five years.
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