NatWest Markets
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A pair of infrequent euro borrowers, Virgin Money and SBAB Bank, tapped the market for €500m no-grow bonds on Thursday, landing deals at significantly tighter spreads compared with their last euro outings. -
Eurostar, the company that runs trains through the Channel Tunnel between London and Europe, has signed a £250m commercial financing package, months after it begged the UK government for bailout funding.
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Large global systemically important banks (G-SIBs) showed the primary market was still in good shape on Monday, despite recent volatility. Bank of America added to a recent funding spree with a three-part euro deal, while Credit Suisse tested euros and sterling amid close scrutiny of its investment banking exposures.
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A trio of senior borrowers paid minimal new issue premiums in euros this week as Swedbank and AIB Group tapped a sweet spot of demand for bail-inable debt, while Macquarie got attractive pricing compared to its dollar curve.
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Market participants expect to see the end of “vanilla” deals in the European bank bond market, as tier two debt becomes the latest asset class to embrace call periods over call dates.
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Macquarie shed over a third of its order book on Wednesday as it priced its third euro deal in 18 months at what was deemed a “very tight” level. It was joined in the senior market by Swedbank, which was issuing its first callable non-preferred bond.
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Permanent TSB added to a recent run of Irish bank supply on Wednesday, tapping into strong investor demand with a new tier two in the euro market.
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The financial institutions bond market in euros was on hold on Tuesday, as European issuers saw no reason to rush into doing deals while global equities were selling off and interest rates were being buffeted by expectations of inflation.
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Allied Irish Banks (AIB) sold its sophomore green bond on Monday, printing €750m of senior paper at a spread flat to fair value and close its Irish peers.
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Nordea made a rare entry into the euro tier two market on Monday, taking advantage of strong issuance conditions to steer its pricing in close to fair value.
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European banks began to access the dollar market this week following first quarter earnings, while JP Morgan stole the show on Wednesday with a record low coupon for a preferred note.
