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Investors seek yield in long-dated FIG subordinated and senior markets
The winning institutions, deals and individuals revealed at our inaugural gala dinner in London
◆ Japanese insurer had almost no attrition in its senior preferred trade ◆ Some NIP left for investors ◆ Busy week for Japanese issuers in euros
Data
Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
Nykredit blasts through 300bp barrier, pushing investors up the capital stack
Market participants debate 300bp 'soft barrier' for AT1 resets as banks probe ever-improving cost of capital
Favourable market conditions have made raising debt like 'fishing with dynamite' for bank issuers. But concerns are mounting about volatility ahead
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Chorus Capital raises $2.5bn for largest dedicated SRT fund as Axa exceeds target -
New hire will replace executive moving internally
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◆ US insurance company starts marketing at 'sensible' IPT, says one banker off-deal ◆ But others say it was 'aggressive' ◆ They attribute change of sentiment and relative value difference to US dollars for pulling the deal
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◆ Unrated by major agencies but no hindrance to issuance ◆ Demand reflects broader risk appetite ◆ Infrequent issuers access seen as key market test
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Spanish bank also takes a FIG banker from HSBC
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◆ Bankers unsurprised to see positive reception for French insurers ◆ Fair value debated ◆ Market backdrop played a role
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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