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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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Sampo Group started to meet investors on Thursday, aiming to print a tier two note. ASR Nederland was the last insurer to raise tier two capital, in a deal that was more than 10 times oversubscribed. -
Lloyds Bank found good demand for its third visit to the sterling covered bond market in the last eight months and the largest Sonia linked bond of that type issued this year. Attractive relative value and a prospective supply slowdown propelled demand, enabling the deal to be priced flat to fair value.
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CCB Financial Leasing Corp sold a $700m dual-tranche transaction on Wednesday, without paying a new issue premium on either tranche, and pushing the pricing on the $200m 10 year some 10bp inside its curve.
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The attempt by France to broaden the European Union’s proposed Taxonomy of Sustainable Economic Activities away from the “green niche” has made a good start. Financial officials from all the EU governments discussed the idea on Tuesday, with many member states being “very supportive”, according to sources close to the situation.
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The EBRD is working with Latvia, Estonia and Lithuania to have the Baltic region classified as a frontier market initially and is working on a pan-area covered bond framework
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Yapı Kredi Bank signed its spring loan refinancing on Thursday, having wrapped up the deal at $1.03bn. Bank of America Merrill Lynch and UniCredit are coordinators of the deal, which has 49 banks participating. The political uncertainty triggered by the decision to re-run the municipal elections in Istanbul has not dented international lenders’ appetite for financing Turkey’s banks.
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