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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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First Abu Dhabi Bank has printed two sterling private placements in the last week — the most recent Tuesday morning’s £120m note through JP Morgan — adding to a flurry of sterling trades from the Middle East. -
Another day, another Santander call option. The bank revealed this week that it will call its 6.375% $1.5bn additional tier one perpetual note. In February it became the first bank ever to extend the life of an AT1, but its move this week gave market participants better insight into how it is likely to treat call decisions.
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Toronto-Dominion Bank has become the first Canadian issuer to launch a bail-inable senior bond publicly in euros, impressing on-looking bankers by landing the deal with a very tight spread to mid-swaps.
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Citi’s institutional clients group registered a higher revenue in the EMEA region than it did in North America in the first quarter of the year, the first time this had happened in more than six years.
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South Korea’s Shinhan Bank sold Asia’s first dollar-denominated UN Sustainable Development Goals-linked bond on Monday, raising $400m from the Basel III-compliant tier two deal.
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UniCredit has settled with US authorities and agreed to pay about $1.3bn for breaking US sanctions, but the Italian bank said this amount was fully covered by provisions.
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