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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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Pool Re, a government-backed reinsurer, has priced the first ever catastrophe bond to cover terrorist attacks specifically, allowing investors to receive a return from providing insurance cover. Those on the deal claim it shows the depth of the UK’s financial expertise in the insurance linked securities (ILS) market. -
Charlotte Jones will be leaving Jupiter Fund Management to join RSA Insurance Group.
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Saddled with the problems of its parent group and in the absence of a top rating, Deutsche Hypo had to settle for what it could get in the market on Monday. The fact that it raised €625m of 10 year funding at a level close to its curve was therefore something of a minor triumph.
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Volksbank Wien on Monday became the 12th bank in Austria to issue benchmark covered bonds, selling its debut deal on the back of the highest subscription of any benchmark from the country in over two years.
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Investors put in more than €6bn of orders for a new non-preferred senior bond from Crédit Agricole at the beginning of the week, after the French bank opened books on the longest dated deal of the year so far.
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UBI Banca has given financial institutions bond investors one of their first opportunities to pick up high yielding product in the euro market this year, with the Italian lender opening books on a new tier two on Monday.
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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