Issues
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Domestic investors dominate despite European interest but Asia buyers take less than in previous deals -
◆ Slim premium paid on chunky sale ◆ Investors welcome Canada pick-up to UK names ◆ Canadians missing from covered bonds
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European markets need to prepare for six months of politically-driven market volatility
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Lending to country dips after busy 2023
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Short bookbuild and fixed price are being used to de-risk the transaction
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◆ Pricing above 8% confused rival bankers who put fair value in high 7% ◆ Large size deemed motivator for the trade ◆ Likely refi of $2.75bn in AT1 calls later this year
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◆ Five year trade among the tightest this year ◆ Small single digit premium needed to seal the deal ◆ Investors came in after pricing despite the tight spread
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When it comes to monitoring comms, surely what’s good for the banking goose is good for the governmental gander
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◆ Which banks sell in run-up to rate cuts ◆ South Africa election and the bond market ◆ Saudi Arabia leaves peers behind
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Uncertainty over interest rate cuts creating big market swings means this year's phenomenal primary market for credit will deteriorate
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Deal pipeline quietly building in undersupplied market
