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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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◆ Italian bank gets duration in Yankee market that it cannot reach in Europe ◆ The $3bn deal was its biggest for a decade ◆ Global bid for duration allows it to print longest SP dollar deal this year -
Inverted five and 10 year swap curve means long dated covered bond issuance less attractive than senior format
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◆ Issuer lands £200m deal 62.5bp tighter than initial guidance ◆ Demand continuously grew to £1.4bn ◆ First sterling AT1 since February
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Second foray into Samurai market this year
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A German bank is said to have cancelled issuance plans
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◆ Buoyant mood in unsecured FIG market ◆ Arkéa prices with 5bp NIP and tightest spread among recent 10 year trio, putting off some buyers ◆ BPM reprices own curve
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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