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In terms of size, the trade surpassed its previous biggest dollar issuance of $6.5bn in November 2024
◆ Growing market depth supports wider product and issuer offerings ◆ French bank's adds senior non-preferred layer to its Kangaroo funding mix ◆ Deal mostly sold locally
LBBW's global head of corporates & DCM Patrick Seifert expects higher pre-funding in late 2026
Data
The single currency stands out as the most attractive funding source while the US dollar market remains open in size
Some evidence of green price advantage in secondary market, but not primary
Conditions support capital issuance, even though European Commission's report gave no clarity on the future of AT1s
Money centre banks pay to to land jumbo deals at sizes unheard of in euros
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◆ BlackRock first visit in a decade ◆ Value against US curve debated ◆ AMCO rare foray -
◆ Week-long flow of insurance capital sales in euros and sterling ◆ ASR goes for a longer and tight RT1 ◆ Both issuers using proceeds to buy back capital notes
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◆ Sterling market embraces diverse set of insurance sector deals ◆ L&G underlines different current dynamics in tier two and RT1 asset classes ◆ Proceeds to go for buyback ahead of October call
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Higher sovereign rates are here to stay, but borrowers can cope
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◆ Rare deeply subordinated capital from an insurer in sterling very popular ◆ Potentially negative new issue premium ◆ First possible window taken
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◆ Issuer waited for stable market ◆ Mixed views on concession ◆ Deal gives 'capital structure arb'
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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