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◆ First deal to release IPTs on busy day ◆ MPS M&A bid had 'no impact' on deal, says lead ◆ Priced flat to fair value
◆ Investors turning 'price sensitive' lead says ◆ Follows recent heavy supply of tier two ◆ New issue premium debated
◆ German bank had the primary market to itself on Monday ◆ More covereds issued from Germany than any other country ◆ Banker said 7bp over offered small new issue premium
Data
Currency's higher yielding appeal has lured investors across the capital stack
Issuers seizing moment as rates stabalise and spreads hold near historic tights but some deals betray signs investors growing sensitive on price
Less frequent issuers making the most of market with strong bid for yieldy assets
Borrowers want to issue and spreads are tight, but execution windows are very unreliable
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Spanish bank’s tier two debut in Aussie dollars is heavily oversubscribed -
◆ The arrival of Piraeus and Bank of New Zealand shows 'investors are engaged' ◆ Greek issuer recently upgraded ◆ Bank of New Zealand returns to euros after five years
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Viswas Raghavan has taken charge of Citi’s investment banking division following the resignation of its top executive
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After unsecured FIG issuance stopped entirely for 19 days in June subscription ratios have since shot up
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Regular issuer targets more size, but still lands in line with most recent trade from Pfandbriefzentrale
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◆ Strong demand pushes new bank capital deals close to or even inside fair value ◆ Banco BPM brings new AT1 alongside tender ◆ ABN gets negative NIP on tier two
Polls and awards
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
Don't miss your chance to choose this year's Bond Award winners
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
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