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◆ 'Moderate' oversubscription levels ◆ Belfius offers higher NIP for larger size ◆ SpareBank achieves tighter pricing on green five year
◆ Higher spread, higher book than tighter priced SP deals ◆ Large French supply expected in the second half of year ◆ Small premium paid
◆ Strong market conditions for the asset class ◆ New issue premium debated with pricing in reach of fair value ◆ Largest BNZ covered bond since at least 2023
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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Issuers pay higher concessions as frequency of deals gives investors upper hand -
◆ BPER Banca and Unicaja pull in strong demand for SNP deals ◆ Investors bidding for higher spread products ◆ Encouraging for more senior issuance from lower tier borrowers
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◆ UK lender issues to meet MREL needs ◆ Deal follows tier two from this year and AT1 from 2021◆ Pricing around 50bp above fair value
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◆ NAB chooses faster Euroyen while BNP Paribas goes bigger in Samurai ◆ French deal showed greater 'depth' of domestic market ◆ Low premium paid
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Bank’s debut to reach beyond FIG market as SSAs consider copycat bonds
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Insurer returns again to raise dollar sub debt
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
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The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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