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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 comes close to non-eurozone peers ◆ Real money orders dominate book ◆ No oversupply concerns for fourth tranche of 2024 -
Banker joins from Stanley’s ABS syndicate desk
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◆ UniCredit and Orcel quackers for Commerzbank ◆ Draghi aims his bazooka at CMU ◆ A new dawn for corporate hybrid capital
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Rare deal formats capture strong investor attention as market backdrop remains rocky
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First look at what figure a combined Uni-Commerz would cut in investment banking
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◆ Investor meetings began on Monday ◆ Deal grew amid interest from domestic and foreign accounts ◆ Set to price below 100bp
Polls and awards
Cast your vote now to decide this year's covered bond award winners and express your views in our new market survey
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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