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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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◆ Strong market sentiment backs new deal and potential FIG issuance as spreads tighten ◆ Views on NIP differ but SG's outcome was unanimously 'very good' ◆ Austrian and Australian issuers on the way -
◆ Issuer takes advantage of red-hot sentiment post-CPI ◆ Higher yielding bank capital prices moved up, including a similar AT1 from Barclays ◆ Strong demand suggests tight pricing eyed
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◆ Key investors snub senior non-prefs ◆ Real money buyers seemingly happier with lower credit, higher spread ◆ Landesbank Berlin non-benchmark deal gets better reception
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Dealers away say rich pricing versus Pfandbrief led to disappointing orders
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◆ Deal comes amid pronounced bid for yield ◆ Pricing new deal inside 12% seen as 'good result' ◆ Issuer combines tender of old bond five months ahead of early redemption
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◆ Portuguese lender has authorisation to redeem its only AT1 early ◆ Atypical action suggests no replacement deal ◆ Last week's red-hot AT1 reception suggests strong demand reserved for biggest banks
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