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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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Mitsubishi UFJ Financial Group grabbed the record for the biggest Yankee dollar deal of 2019 and the largest ever by a Japanese financial institution when it printed a $5.5bn five-part transaction on Tuesday.
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Financial institutions have been crushing new issue premiums by ratcheting in the pricing on new issues as they look to keep up with an impressive rally in the secondary market in February. -
Mizuho replaces global markets head after less than a year — Syndicate banker leaves ING — Hudson joins Credit Suisse executive board
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Conditions in the primary market have been nothing short of remarkable towards the end of February, with cash-rich investors chasing down new issues and letting banks get away without paying premiums. But FIG bankers say that there is one section of the market that is unlikely to be allowed to join in the party: Italy’s second tier banks. Tyler Davies reports.
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NordLB’s Luxembourg subsidiary extended its covered bond curve with a well-received five year public sector backed deal on Wednesday. But NordLB’s capital problems weighed on the performance of a covered bond deal earlier in the week from Deutsche Hypo, another of its subsidiaries.
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Metro Bank, the dog-friendly UK challenger bank which is launching branches while others close them, has had a rough time recently — with faults mainly of its own making. But whatever you think of the bank’s business model, it’s got one thing right.
Polls and awards
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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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