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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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A change in regulation has prompted DNB to redeem long-held legacy bonds that it counted as tier two capital -
◆ French car leasing company wanted to avoid traffic jam with other issuers ◆ Senior and covered bonds still in pipeline
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First market sale by government fund sets for up more disposals next year
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◆ First euro AT1 for more than two months as Santander, other G-Sibs went for cheaper dollars ◆ Non-national champion status makes it 'not straightforward' execution ◆ Ongoing strong bid for yield
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Issuance opportunities abound across capital stack but borrowers said to be happy to wait for deeper liquidity
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◆ Issuer stays in senior format as European peers opt for raising AT1 capital ◆ State Street adds rare tier two to funding mix ◆ Conducive market may stretch FIG issuance after Thanksgiving into December
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