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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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The European Parliament on Monday decided to postpone a vote on a directive that would set up a secondary market for non-performing loans (NPLs) until next week. The delay increases the pressure on MEPs to reach an agreement before before the current Parliament’s mandate ends on April 18. -
ING Bank started the new quarter with supply from its operating company on Monday, giving investors a rare chance to buy paper in floating rate format. It quickly followed with a holding company level deal from its opco.
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Berlin Hyp has offered to buy its sole remaining public sector Pfandbrief, which is due to mature in May, after Moody’s withdrew the bond’s Aaa rating on Monday.
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Banca Carige has sold one of its outstanding covered bonds back into the market as the ailing Italian lender comes into a crucial period for turning its business around and attracting buyout bids.
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Westpac and Compagnie de Financement Foncier (CFF) kicked off the new quarter on Monday with large euro benchmarks that were priced flat to their curves.
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Chinese issuers have become too focused on Hong Kong when marketing their dollar bonds, panelists at Euromoney's China Debt Capital Markets Summit said last week.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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