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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 Central Bank, as the bank supervisor, has a clear mandate to maintain a bank as a going concern, but that is not necessarily positive for covered bonds. The forthcoming European covered bond directive may help mitigate these concerns — but it is not guaranteed.
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Italy’s Mediobanca made light work of its return to the senior unsecured market on Tuesday, launching a well subscribed €500m bond with a negative new issue premium, according to a banker on the deal. -
A FIG specialist at Deutsche Bank has been put at risk of losing his job, GlobalCapital understands.
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Despite some concerns over the shaky credit backdrop that surfaced last week, BPCE attracted a comfortably oversubscribed order book for its tightly priced €1bn six year senior non-preferred on Tuesday.
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Van Lanschot was able to privately place €100m of additional tier one capital on Monday, after failing to complete a transaction last year. The new deal was at the upper end of the Dutch issuer’s size ambitions, but came with a higher coupon than it had initially been targeting.
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Coventry Building Society was set on Tuesday to become the first ever issuer to simultaneously sell new additional tier one notes and tender for outstanding bonds, in an approach that could soon be followed by other European financial institutions. The transaction was facilitated by TwentyFour Asset Management, which is a ‘significant investor’ in both the firm’s new and old AT1s.
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