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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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◆ Deal tightens 6bp thanks to strong book ◆ ‘Confusing’ comps make spotting fair value tricky ◆ Trade fills empty spot on the curve -
◆ Three year deal to tap into demand for the tenor ◆ Trade is Argenta’s second green covered this year ◆ Bond pre-empts upcoming RMBS redemption
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◆ Deal is DZ's first public sector trade of the year ◆ Domestic demand to support deal ◆ Tenor matches cover pool funding need
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◆ Dutch lender prints in receptive market for smaller issuers ◆ Buyers have returned its bonds after August sell-off ◆ Single digit new issue premium
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◆ ESG accounts provide early orders ◆ Granular treasury accounts fill up book ◆ Deal comes close to fair value
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◆ Portuguese lender attracts 'absolute' spread buyers ◆ Pricing seen flat if not inside fair value ◆ Appetite for 'underweight' Portuguese risk helps
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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