Issues

Change of guard continues at the bank

Swedish mobile gaming company replaces 2021 RCF

◆ Spanish bank raises €750m new capital ahead of calls in the middle of Sabadell takeover bid ◆ Tight price leads to more than €2.2bn of orders dropping ◆ Greece’s Alpha bank prints first tier two in more than three years

US medtech firm sourced more than half of $4.2bn debt needed in the €1.8bn trade

◆ Issuer’s first deal since 2018 almost three times covered ◆ Up to 1bp of concession needed to seal market return ◆ OCBC priced inside Standard Chartered's debut

Sovereign achieves bigger greenium than in 2023, but orders fell by more than half after price was tightened

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

European markets need to prepare for six months of politically-driven market volatility

Lending to country dips after busy 2023

Short bookbuild and fixed price are being used to de-risk the transaction

◆ 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