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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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Higher rates are powering an equilibrium in the AT1 market that may tempt even the most unlikely of issuers to come to the market -
EU expected to syndicate a green bond
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Name recognition helps bank go against the grain to tighten pricing
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Transaction could have been much larger but Italian bank was ‘driven by price’
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DZ prices 36bp inside Oberösterreichische as the third consecutive trio of deals lines up
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◆ Better market mood suggests more FIG capital issuance on the cards ◆ BBVA goes for longer tier two in dollars ◆ Some suggest UBS will issue AT1 as early as Wednesday
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