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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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German bank senior preferred credit default swaps (CDS) will begin trading from May 13, after changes in German national law in 2018 that created a way for banks to issue senior preferred debt. -
FinecoBank may look to boost its leverage ratio with a €200m issuance of additional tier one securities in the coming months, as part of plans for the entity to operate independently from the UniCredit group.
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Financial officials of all the EU governments are meeting in Brussels on Tuesday to discuss whether to broaden the Taxonomy at the heart of the union’s Sustainable Finance Action Plan (SFAP). Some states, led by France, want it to be not just a label for the “green niche” but a guide to wider efforts towards a healthier economy.
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Société Générale’s financing and advisory operations again produced strong revenues in the first quarter, according to results announced on Friday. Revenue in global markets and investor services fell, however, and here the bank is slashing risk-weighted assets, to refocus its business.
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Covered bond supply is possible next week with core issuance in the ultra-long end and UK supply in the intermediate to long-end looking promising — despite holidays in the UK and France.
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HSBC’s global banking and markets division registered a small rise in income in its first quarter results announced on Friday. Transaction banking lines helped outweigh revenue declines in trading and the global banking business.
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