Featured FIG
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As Bastille Day — and the start of what is often a lull in capital markets — approaches, the fate of billions of euros of FIG and corporate bonds lies at the whim of UK and France voters -
Banks could be affected in medium term if fiscal policy turns loose, though most FIG issuers are well funded for this year
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Bankers identify several reasons why FIG issuers deserted the primary market, unlike their corporate peers
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Corporate bond market stands at its strongest point with more FIG deals expected, though higher new issue premiums eyed
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Wide spreads have insulated eurozone periphery borrowers from rates volatility — for now
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Borrowers are using different strategies to optimise capital but strong market encourages the most subordinated deals
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Cooling US inflation raises hopes of dollar rate cuts, in turn pushing forward deals that were slated for later in the year
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Santander shows big AT1 deals work best alongside tender offers
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Optimism rebounds after recent new issues were priced through fair value once more — but some parts of the curve could be more open than others
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European financial institutions — already facing a narrow issuance window over the next couple of weeks — must also navigate renewed rates volatility
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Investors are ready to embrace unsecured bank debt yet again — but at double digit new issue concessions
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Order books shrink when issuers tighten pricing as investor expectations of rate cuts shift
