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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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It is richly ironic that incoming measures meant to take Europe one big step closer to completing its Banking Union have ended up recognising that nothing of the sort actually exists. -
Even credit geeks relegate accounting geeks to the back corners of the classroom. It’s proverbially dry, and shouldn’t affect real world issues, such as whether a company can deliver returns for its shareholders and pay its debts. But seemingly esoteric accounting changes can mean major real world consequences. It’s not just for the geeks; it’s time to get real about IFRS.
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Covered bonds issued by Intesa Sanpaolo, Axa Bank and Aktia on Tuesday “flew out the door”, according to leads, with the depth and breadth of demand surpassing expectations. The superb conditions may not last, but exuberance is expected to prevail for now.
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KBC Group completed a refinancing round for its €1.4bn perpetual non-call March 2019 additional tier one on Tuesday, becoming the first issuer to target euros in a recent flurry of issuance in the asset class.
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Qatar International Islamic Bank has tightened price guidance on its five year sukuk and set the size of the deal at $500m after books for the note exceeded $2.9bn.
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Sir Gerry Grimstone, whose departure from Barclays was announced last week, is joining a joint venture between Investcorp and Aberdeen Standard Investments as chair.
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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