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◆ Deutsche goes big as with AT1 ◆ Third AT1 in a row underlines a conducive market for strategic capital funding ◆ Pays premium, but spread pushed under 400bp
◆ Issuer's joint-tightest spread since 2020 ◆ Constructive backdrop helped execution, says lead ◆ Busy primary market expected on Tuesday
◆ Deal benefits from limited size, green label and short tenor, says lead ◆ Small NIP paid ◆ BPER involved in complex Italian M&A
Data
Higher new issue premiums make deals shine amid market volatility
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
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LBBW did not have to pay a premium to launch a tier two in 10 year bullet format on Monday. A banker on the deal said that other issuers could follow suit, eschewing call options to take advantage of a renewed thirst for duration among investors. -
Canadian Imperial Bank of Commerce (CIBC) opened books on its first bail-inable senior bond in euros on Monday, with four out of Canada’s big six banks having targeted the currency at the end of April.
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Société Générale may have provided market participants with a glimpse into the future after becoming the first bank to issue a covered bond as a security token on a public blockchain. Development of this technology is still at an early stage and is not without its risks, but proponents believe blockchain could revolutionise the covered bond market, reducing settlement times to just a few seconds.
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Swedish krona levels look attractive compared to euros, say bankers, leading to a raft of large deals being printed at the short end. Swedbank and Deutsche Pfandbriefbank both benefited from these levels when they printed covered bonds this week.
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NatWest Markets made a loss in the first quarter, Royal Bank of Scotland said on Friday when presenting its results, partly thanks to it being made to account for the cost of old RBS plc debt. The group will also now stop including NatWest Markets when reporting its net interest margin, and one analyst said this could raise questions about commitment to the investment bank.
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China International Capital Corp (CICC) priced a $1bn dual tranche bond transaction with the support of 15 banks on Thursday.
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