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◆ Second European bank to bring a dollar AT1 this week as investors bid for risky assets ◆ Market conditions deteriorate during Wednesday ◆ More than half of book lost
◆ First capital trade by an international bank since Iran war began ◆ Fair value debated, some spot visible concession ◆ $2.5bn size across two tranches supported by $17bn book
Stock includes three tranches, one of which is extendable
Data
European banks’ absence from primary market is ‘different this time’
Bank issuance expected to resume next week in euros after corporates, dollar market lead
Shrinking spreads between the two asset classes have left investors asking if the risk of senior debt is worth it
Nykredit blasts through 300bp barrier, pushing investors up the capital stack
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In this table, GlobalCapital Asia offers a glimpse of the bond deals that are in the works -
Last week’s bonds from the European Union have performed well, boding well for next week’s auction and another syndication in the following week
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Another big week of issuance but no sign of investor strain
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Portuguese bank will not call €300m subordinated bond and instead will try to swap it for a new deal of at least €125m
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Robust demand for unsecured paper in euros has allowed large as well as less frequent issuers to complete well-subscribed senior deals with strongest demand manifesting at the long end
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Bankers say sterling now offers attractive relative pricing versus euros
Polls and awards
The covered bond market gathered in Seville to celebrate its standout deals, institutions and individuals
Last chance to vote for the best winning deals, individuals and organisations in the covered bond market
The leading banks, issuers, individuals and other market players were named at GlobalCapital's flagship industry dinner in London
The winning deals and organisations will be revealed at our gala dinner in Seville on September 18
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