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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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Moody's has given Estonia’s newly established covered bond framework a mixed report, an assessment that will be a helpful guide for the other countries in the Baltic region, which plan to use special purpose vehicles to get around some of the problems their neighbour faces. -
Industrial and Commercial Bank of China raked in the equivalent of more than $2.2bn on Tuesday across four tranches of notes in three different currencies.
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Euro investors have been treated to their first two ‘bail-inable’ senior bonds from a Canadian bank this week, after Bank of Nova Scotia followed closely behind Toronto-Dominion Bank with a deal of its own on Wednesday.
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Co-operative Bank managed to raise £200m of tier two capital this week, in its first bond sale since coming close to failing in 2017. A healthy coupon of 9.5% helped the UK lender to find the demand it needed, even if one investor said that there was still “not much to like” about its credit profile.
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The Financial Conduct Authority has set out plans to amend the UK’s regulated covered bond framework once European Union legislation comes into force.
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Shinhan Bank of South Korea managed tight pricing on its Basel III-compliant tier two deal on Monday. Investors overwhelmed the $400m transaction with orders that covered the book more than seven times at its peak, thanks in part to its rare 10 year tenor but also as a result of its status as Asia’s first dollar-denominated UN Sustainable Development Goals-linked bond. Morgan Davis reports.
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