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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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◆ September was second busiest month for FIG issuance in 2024 ◆ US insurers raise debt ahead of bank earnings ◆ Banks set to print from second part of October -
The widely expected sell-down in the National Bank of Greece came at a 1.31% discount
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◆ French lender issues three senior preferred Samurai tranches ◆ Despite benefit of diversification, deal comes very close to a new euro deal◆ Investor demand concentrated at the short to middle part of curve
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◆ Minimal premium paid ◆ Structural demand from UK bank treasuries down but Asia steps in ◆ Sterling spread vs euro more attractive for issuers
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◆ Deal appears unaffected by rising Middle East geopolitical tensions ◆ Local investors back the deal during first day of marketing ◆ Pricing around fair value with possible minimal concession
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◆ Tatra brings first covered since Jan 2023 ◆ Hypo Oberösterreich offers sub-benchmark deal ◆ Covered primary issuance now 'a little bit slower'
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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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