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◆ Books remain intact with premiums paid ◆ Investor fatigue setting in ◆ Yields falling after Iran-US peace deal progress
Books were nearly four times the deal size, a record €1bn
◆ First deal to release IPTs on busy day ◆ MPS M&A bid had 'no impact' on deal, says lead ◆ Priced flat to fair value
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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CGS International Securities thinks there are opportunities to grow its investment banking business in the region, despite a slump in volumes -
◆ Improved arb lures bank to issue first sterling senior deal for two months ◆ It funds close to where it can issue in euros ◆ But while hopes of more issuance rise, prospects are uncertain amid return of rates vol
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◆ Deal swells from initial size ◆ No premium needed to seal larger print
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◆ Danske saves with three year floater ◆ No NIP needed for Danske’s seven year tranche ◆ DNB’s €1bn print only just covered
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◆ Senior preferred format helps mitigate execution risk ◆ Issuer shifts larger funding into shorter FRN ◆ Rates volatility back on the agenda
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Demand nearly four times the deal size allowed pricing to tighten sharply
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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