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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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Oma Savings Bank plans to open order books for a covered bond on Wednesday following an earlier roadshow. The deal comes amid a dearth of covered bond supply this week and a return to negative rates suggesting good scope for ultra-long dated supply. -
ABN Amro is looking for a branch licence for its US business, GlobalCapital understands, which the Dutch bank believes would allow it to be more efficient from an operational point of view.
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Mortgage origination backed directly by institutional investors has taken hold in the Netherlands, and is now spreading further afield, with similar models expanding in Sweden and Australia. Direct origination now accounts for around a quarter of the Dutch market, with banks having lost share.
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The European Banking Authority was asked if a bank could boost its capital ratio by insuring against the possibility of its deferred tax assets (DTAs) not converting into tax credits. The EBA said no.
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Investors looking at the multi-billion euro listing of Italian payments company Nexi are largely comfortable with the country’s political environment, focusing more on whether its private equity sellers will seek too high a price.
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LeasePlan has launched a €1.3bn high yield bond from its Lincoln Financing holding company to pay back the original €1.6bn-equivalent holdco acquisition debt from its 2016 purchase by a consortium led by TDR Capital, and including Abu Dhabi Investment Authority, GIC and PGGM.
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