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◆ Higher spread, higher book than tighter priced SP deals ◆ Large French supply expected in the second half of year ◆ Small premium paid
◆ 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
Data
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
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
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Borrower targets pocket of liquidity in two year FRNs -
But rates uncertainty to keep borrowers away from the long end
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Buyers piled into deal as sovereign improvements could provide upside
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Bankers say senior supply will resume on Thursday
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Vest Boligkreditt finds price traction as Oma issues its debut benchmark
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◆ Deal marketed at a price to sell ◆ Structure suggests UBS is optimising funding volume ◆ Reluctance to buy Swiss AT1s remains but fixed income markets are recovering
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