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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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Vehicle leasing firm LeasePlan Corporation issued its debut additional tier one capital on Thursday, a rare move for a firm outside the conventional banking sector. Pricing of the €500m perpetual non-call five year was not tightened from initial price thoughts. -
Bank of Queensland was able on Thursday to shave off the new issue premium for its new covered bond. It offered a juicy spread at a time when supply of high coupon deals in the asset class is threatened by the European Central Bank’s liquidity operations.
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Standard Bank printed a $400m 10 year non-call five tier two bond on Wednesday from a book of more than $2bn in a deal that even rival syndicate bankers called a roaring success.
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