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◆ Issuer pursues new objectives compared to previous SNP outing ◆ Investors increasingly bullish on Japanese credit ◆ Higher premium paid on long tranche
◆ Large demand for all tranches, including rare FRN ◆ Despite flat swap curve long end 'flies' ◆ Higher yields a boon for investors
◆ Aussie lender ends four year absence ◆ Demand for sterling credit proves strong ◆ Determining fair value tricky
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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Covered bonds look safe, as investors’ focus turns to capital -
◆ Low concessions paid in the first part of the week ◆ Market tone worsens after US downgrade and rates volatility ◆ Wells Fargo chooses quick return for opco funding
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◆ Old Discos no longer attractive capital or funding tool ◆ But multiple AT1s also called with no signs of replacement ◆ UK banks well capitalised
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Investors’ need for duration adjustment drives long dated print to double digit negative spread
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◆ Offshore banks eye August and September window ◆ Aussie dollar pricing comparable to euro curves for some
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ECBC’s Bertalot says its initiatives should smooth the path of discovery
Polls and awards
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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