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◆ UK building society actively funding across markets and formats in the past four months ◆ Strategic sterling capital deal proactively manages AT1 stack ahead of call ◆ Senior non-preferred euro bond becomes joint tightest UK bank bond at the tenor since 2021
◆ Stability leads to third day of FIG sterling issuance ◆ Rabo prints its first tier two four years ◆ BBVA completes first sterling senior bond since 2020
◆ Follows similar deal from regional peer Swedbank ◆ But earlier bond was already trading wide of reoffer ◆ Pricing prioritised, says banker off deal
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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Following the retirement of Robin Phillips, HSBC’s new head of global banking is well qualified to meet the challenge that has outlasted his ex-colleague, provided he can get his head around the bank’s unique structure, writes David Rothnie. -
Clydesdale Bank was more than four times subscribed when it launched a new additional tier one capital bond in the sterling market on Wednesday, in an interesting test of demand for UK risk assets at a crucial stage in the Brexit negotiations.
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Deutsche Pfandbriefbank on Wednesday tapped a senior bond sold in January at a spread that was 8bp tighter than the original re-offer level. It appeared in a busy market, with New Zealand’s ASB Finance also selling senior debt in the euro market.
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Banque Fédérative du Crédit Mutuel looked to the long end with its first non-preferred senior bond on Wednesday, following the example Crédit Agricole set late last month.
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The outcome of Ukraine’s presidential elections at the end of March will bear great influence on the nation’s economic future, and investors are fearful of the results.
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Stadshypotek was able to tighten pricing by 4bp to land on top of fair value for a seven year covered bond on Wednesday, as financial institutions hit the market ahead of a European Central Bank meeting later in the week. It was joined in the euro market by the Mortgage Society of Finland (Suohyp), which was also selling a seven year deal.
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