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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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◆ Low beta issuers 'more challenging to sell' ◆ Investors turn cautious on FRNs ◆ New issue premiums 'will come back' -
◆ FIG pipeline fills with subordinated euro deals ahead of Thursday's ECB meeting ◆ Rebranded My Money Group lines up sub-benchmark AT1 ◆ Alpha Bank and Athora prepare tier twos and tenders
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◆ 12 year deal to be Achmea's longest since 2021 ◆ Rabobank's recent 12 year provides closest comparable
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◆ Singaporean bank has not issued since 2018 ◆ Deal to price close to recent Singaporean three year supply
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◆ Pricing above 8% confused rival bankers who put fair value in high 7% ◆ Large size deemed motivator for the trade ◆ Likely refi of $2.75bn in AT1 calls later this year
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◆ Five year trade among the tightest this year ◆ Small single digit premium needed to seal the deal ◆ Investors came in after pricing despite the tight spread
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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