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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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NatWest Markets has hired an experienced debt capital markets banker to be its country head for Germany, based in Frankfurt.
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Barclays has wasted little time in accessing the debt markets after publishing first quarter results, selling senior bonds out of its holding company in both dollars and sterling this week. -
The European Commission is looking to clarify the rules around “precautionary recapitalisations”, having published a review of the implementation of the Bank Recovery and Resolution Directive (BRRD) in the European Union.
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Greg Guyett has shaken up the management of HSBC’s global banking division in a move aimed at streamlining coverage and boosting collaboration across divisions and products.
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More than half of Santander’s profits came from Latin America and the US in the last quarter, amid a plan to make savings in Europe and expand across the Atlantic.
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The head of FIG origination and syndication at NordLB has resigned and is understood to be heading for Landesbank Hessen-Thüringen (Helaba), where he will have an expanded role.
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