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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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Metro Bank, the embattled UK challenger bank, is expected to launch its planned £350m equity capital raise in the coming days after the bank was forced to quash rumours of financial instability on social media over the weekend. It may also sell or securitize some loans. -
National Australia Bank went to investors on Monday with a dual-tranche deal, looking to make use of favourable conditions in the euro market. It was the first Australian name to issue euro-denominated notes since Westpac in November 2018.
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MTNs from Middle Eastern banks have flowed freely over the last week, with borrowers printing a range of currencies to take advantage of basis swap opportunities, amid little competition from European financials, say bankers.
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Bank of Queensland has mandated leads for a roadshow for a potential second euro conditional pass through (CPT) covered bond, and Bank of New Zealand has mandated leads for a roadshow with plans to issue a covered bond or a senior unsecured deal.
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HSBC reopened the financial institutions bond market on Friday with the sale of a senior preferred note that pulled in demand of €1.5bn two hours after the trade started.
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Vaduz-based Liechtensteinische Landesbank (LLB) kicked off Swiss franc bond issuance after an investor lunch in Zurich on Monday with its debut Sfr150m seven year senior preferred.
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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