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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 bonds issued on Tuesday by UniCredit Bank AG and Hypo Vorarlberg Bank (HVB) found good demand, mainly from bank investors. Despite their meagre and diminishing returns, the bonds offered a better spread compared to other regulated assets. -
Fidelity National Information Services (FIS) went to market today to issue a six-tranche euro and a two tranche sterling deal. It intends to raise debt to finance the acquisition of Worldpay as announced last month.
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Alpha Bank’s subsidiary in Romania has issued its inaugural covered bond (CB) — the first from the country. The ground-breaking deal represents an important milestone in the development of the Romanian capital market and helps diversify the bank’s funding.
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European financial institutions have made very limited use of Canadian dollars in recent years, but the region’s issuers could soon start to embrace the Maple market as they look to diversify their funding bases for the minimum requirement for own funds and eligible liabilities (MREL).
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It was a g’day for Citibank on Friday, as the issuer returned to the Australian dollar market to print its largest ever Kangaroo, according to Dealogic. In recent weeks, the Aussie market has presented a good alternative for FIG issuers looking to sell senior unsecured debt.
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UniCredit Bank AG (HVB) and Hypo Vorarlberg Bank AG are expected to open books on Tuesday for Pfandbriefe in the 15 and eight year tenors. The longer deal follows a series of other long-end trades and may be followed by more, as borrowers take advantage of remarkably strong market conditions to do their most difficult deals.
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