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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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Regular Swiss issuer reopens two covered bonds in last sale of 2023 -
◆ End of year slow down exacerbated by caution ahead of major central bank decisions ◆ Sentiment stays strong albeit some dents after strong US economic data forces changes in rate cut expectations ◆ European banks send RFPs for January issuance
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EU Parliament and Council have reached a provisional agreement on EPBD but 'devil is in the details'
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Regular issuer targets lower size and lands inside last trade from Pfandbriefbank
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Bank spreads are trading very tightly, but are priced for perfection. Any jolt to interest rate expectations will spoil the party
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Competition means uncertainty and may lead to more issuance
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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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