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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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◆ Quartet prints €2.75bn of senior non-preferred debt ◆ Investors show clear preference for higher yielding paper ◆ Deal with lowest spread pays highest premium -
◆ Only 8bp needed to seal Nordea's novel non-pref ◆ Debut deal not an ESG or KPI-linked bond
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A modest widening in the short end is not likely to pose a problem
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◆ Proceeds earmarked to fund SLL portfolio ◆ Upcoming deal to include no links to Nordea's own KPIs
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EU may cut its supply forecast again
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◆ Investors prefer senior preferred paper ◆ Rich non-preferred still a good option for issuers despite lower demand
Polls and awards
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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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