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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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Former Bank of China syndicate head Sebastian Ha has joined SPDB International as its head of fixed income. -
Financial institutions have accessed the dollar market with ease this week, but Yankee bank supply has nonetheless remained subdued.
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Sir Gerry Grimstone is vacating his position as chair of Barclays’ non-ringfenced bank at the end of the month, to be replaced by incoming group chair Nigel Higgins.
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Analysts at Deloitte said this week that they expected the Bank of England would not renew its Term Funding Scheme, leading to a substantial rise in secured issuance volumes. This is at odds with the views of some market participants, who believe that Brexit could make a new funding programme inevitable in the UK.
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Danske Bank paid a higher than average new issue premium for non-preferred senior this week, as the money laundering scandal surrounding the institution deepened with new investigations and supervisory actions.
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Of all the parts of the EU Sustainable Finance Action Plan, the Taxonomy is closest to the heart of the green bond market.
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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