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Bank issuance ranges from strategic tier one capital to insurance subsidiary funding externalisation and big senior bond offerings
◆ €500m trade twice covered ◆ Investors showing less preference for tier twos, rival banker says ◆ Low-to-mid single digit concession
◆ Receptive but crowded FIG market requires concessions for funding to clear ◆ BBVA goes big with its first SP in more than two years ◆ Bawag issues first bond after PTSB acquisition
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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Barclays’ corporate and investment bank has reached the endgame in its fight to boost returns following the departure of Tim Throsby, as group CEO Jes Staley takes control for the second time in three years. -
It has been a lively start to the second quarter of the year in Swiss franc bonds, marked by geographical diversity in the international sector and a welcome appearance from an industrial borrower in the domestic market.
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Crédit Mutuel Arkéa sold a seven year non-preferred senior note on Thursday, in a market where investors are thirsty for supply. The €500m deal attracted €2bn of orders — demand that even surprised the arrangers, given that funds are still ignoring growing risks around a no-deal Brexit.
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During an investor day on Thursday, Nomura said it will scale back some secondary trading operations in Europe, the Middle East and Africa (EMEA), as it seeks to adapt to global challenges in the wholesale sector and the region’s slower growth.
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Stellar market conditions have been helping smaller financial institutions find room to access funding, with Iceland’s Islandsbanki joining Aareal Bank and NIBC Bank in selling senior bonds with sizes of below €500m this week.
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Moody's has published a new issue report for the mortgage covered bond programme of Raiffeisen Bank International (RBI), assigning the bonds which are expected to be retained for central bank repo' purposes, a rating of Aa1.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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