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◆ Capital trade attracts investors for juicy return in tight market ◆ Slightly longer 11NC6 structure chosen for triple digit spread and 4%-plus yield ◆ Deal cleared at low single digit concession
Siena deal is backed by a $1.5bn portfolio
French bank opts for AT1 while Lloyds progresses senior funding plan
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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Market reaction suits unsecured deals, from those not in blackout, as soon as Friday -
◆ Demand 'surprised to the upside' ◆ Deal attracts largest final book since August ◆ Trade spotted 2.5bp tighter in secondary
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◆ Reg S only but multiple times oversubscription ◆ Issuer's first subordinated debt under new Swiss insurance solvency framework ◆ Zurich funds roughly flat to Allianz, though peer issued a larger bond
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◆ Issuer eyes further outings ◆ Book closes in excess of €820m ◆ Multi-day marketing period supported demand
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The path to a capital markets union will inevitably pass through a pan-European banking union
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◆ New trade is longest and largest in euros from the Japanese non-bank financial ◆ Some premium offered after eyeing tighter landing ◆ Outcome deemed ‘good’ considering smaller following to bank issuers
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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