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◆ Deal execution 'straight down the fairway' at historically tight level ◆ Concession paid to compensate for low spread and competing issuance ◆ Higher yield backdrop helps
◆ Deal comes amid competing supply from other European banks ◆ Both EuGB and ICMA green bond standards used ◆ Low new issue premium paid
◆ Big redemption wave and higher yields provide positive tailwind for new issuance ◆ DBS refinances in size ◆ Deka prints a touch inside fair value
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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◆ Duration and spread demand dictate investor demand even at tighter valuations ◆ Rabo exemplifies this trend into a €1bn 10.5 year SNP that was more than six times subscribed ◆ NBG and CIBC also print with arguably no concessions left -
Deal clinches tightest spread on a 10 year covered bond this year as French banks pay less to go longer
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◆ Records smashed in primary markets but what's driving it? ◆ Why order books are so swollen ◆ Rampant demand but companies want to cut hybrid debt
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Capital markets unit will work with energy transition group in investment banking amid NGO criticism
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◆ JPM, WF and MS break single day self-led FIG record with $23bn funding ◆ BofA prepares $5bn Thursday deal as GS and Citi’s anticipated supply expected to break January record ◆ BFCM’s $1bn is sole FIG Yankee
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Banks push longer and tighter but investors keep coming back for more
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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