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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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◆ Issuer drives down yield by more than 200bp tighter than where other European national champions printed three months ago ◆ But this means smaller book that raises performance questions -
A further four banks will follow on Wednesday, including one with a 10 year deal
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There should be a busy start to the new year, but falling rates and widening spreads might spoil the party
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The ebullient market conditions as 2023 ends are unlikely to last. Issuers must be ready for liquidity to ebb abruptly
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LBBW and Commerzbank reserve their slots early for first trading day of 2024 with December mandate announcements
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Canadian banks are expected to be one of the largest issuer groups in the asset class as they diversify across currencies
Polls and awards
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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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