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◆ US asset manager is a rare name in the bond market ◆ Sterling leg comes alongside triple tranche dollar deal ◆ £9.9bn Schroders acquisition to close in the fourth quarter
◆ 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
Data
The slide in French government bonds this week raises concerns for the country's banks and companies
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
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Credit Mutual-CIC Home Loan SFH has been quick to seize the opportunity identified following Société Générale's blow-out covered bond reception on Monday and has mandated leads for a follow-on dual tranche deal. -
A €5bn wall of demand chased a trio covered bonds issued on Monday by Société Générale, PKO Bank Hipoteczny and Deutsche Pfandbriefbank and showed that, after a shaky start to 2019, the market has now found form.
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Assicurazioni Generali was more than 10 times subscribed for its bullet tier two deal on Monday, the first public subordinated bond to be issued by an Italian financial institution in more than half a year. The deal likely benefitted from investors feeling more confident about both Italy and subordinated insurance debt.
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KBC Group was able to approach fair value with its senior offering on Monday, as the positivity of the last few sessions encouraged less frequent issuers like it and Sydbank to try the market. Other banks not yet in blackout could take advantage of the window this week.
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Isabel Mahony, who had been head of fixed income sales and trading EMEA and Asia ex-Japan at SMBC Nikko Capital Markets, has left to the firm to join children's magazine Scoop as chief financial officer.
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UK regulators may simplify regulations for smaller banks, depending on the outcome of Brexit, and are taking a “close interest” in a US proposal for a 9% leverage ratio.
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
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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