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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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Lithuania’s finance minister tells GlobalMarkets why he is confident that his country has a lower exposure to money laundering risk than its Baltic neighbours because of its relatively low level of non-resident deposits. -
UniCredit surprised investors with its speed when it sold a €1bn block in FinecoBank on Tuesday — the same day it announced that it would seek to reduce its stake in the online brokerage.
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Co-operative Group returned to the sterling market on Wednesday with its first senior deal since 2011 and was set to price an increased transaction at the tight end of guidance.
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FIG bond issuers this year have been enjoying favourable conditions and heavy demand, but there is growing scepticism that it will continue. Some analysts believe spreads and new issue premiums cannot shrink much further.
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Barclays Bank kept the primary covered bond market alive on Wednesday, launching its first deal of the year and its first Sonia-linked transaction — though at £500m it was the bank’s smallest covered bond yet.
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Woori Bank turned to Taiwan this week for its latest dollar transaction, raising $450m from the first sustainability-labelled Formosa deal.
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