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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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SaarLB to test demand with year’s first 10 year Pfandbrief -
◆ French insurer raises €1.5bn from debut RT1 ◆ Deal reaches peak demand of €8bn even when pricing was through perceived FV ◆ Rare asset makes finding accurate FV very difficult as other deals have low coupons
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Lanark 2024–1 tightens to 50bp, 4bp inside similar Santander covered bond
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◆ Vast interest for FIG debt capital as investors make €15bn of orders ◆ Periphery tier one and two deals prove very popular ◆ Arkéa struggles to attract interest and pulls 12 year tier two
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Scarcity and 'clever tenors' deliver €7.2bn book for ABN as 'pragmaticism' secures €1bn for Santander
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Axa and BPER prepare to issue tier one, Piraeus seeks tier two
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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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