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Top stories
Sovereign issuance has all but disappeared this quarter
Smaller spread moves during bookbuilding hint at more aggressive opening stances from borrowers
New issue premiums increased in the second half of April amid shifting rates expectations
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Good vibes from March’s roaring issuance window expected to continue into Q2
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Unsecured issuance in euros catches up with last year thanks to improving funding conditions, smooth March
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Latest Primary Market Monitor data examines issuance trends in February and March
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Non-eurozone deals are attracting big books and tight pricing
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Proceeds will finance lending to French hospitals
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Every dollar issuer in CEEMEA region in February hit fair value, or went through it
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Average premium paid has steadily fallen since the start of the year
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Premiums vanish as issuers find that anything goes
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Euro bond investors put in orders 5.1 times the deal size as issuers smash records
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Investor appetite for secured bank bonds intensified, as buyers aimed to lock in high rates
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Issuers for most of January have had to pay little to no concession
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Investors demand spread buffers as the future of interest rates remains unknown
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Despite an unexpected and violent widening of spreads on the second trading day of 2024, the unsecured FIG market has moved from strength to strength so far in January
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New bond volumes surged from 2022, but are still far lower than in previous years
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IG companies’ premiums have halved, according to the Primary Market Monitor
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Subscription ratios increased and premiums declined, despite issuance volume rising
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Overall weekly issuance from CEEMEA issuers was the fifth highest in 2023
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APA Infra's debut was second highest hybrid book relative to deal size in 2023, according to Primary Market Monitor
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Santander deal the outlier amid shrinking deal sizes and falling pricing power
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Cover ratios, price traction and premiums are all moving in issuers' favour
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New issue premiums are on the rise
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Orderbooks almost 20% higher than yearly average
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The ECB’s withdrawal — both as investor and lender — from the bank bond market has rippled through covered bonds over the last 18 months, according to data from GlobalCapital’s Primary Market Monitor, which tracks syndicated benchmarks across asset classes in major currencies. Frank Jackman reports.
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◆ Belfius attracts attention with its joint largest senior deal at 10bp NIP ◆ Now lower tier banks 'don't have to be a hero' to issue ◆ Cajamar debuts in green
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◆ BPER Banca and Unicaja pull in strong demand for SNP deals ◆ Investors bidding for higher spread products ◆ Encouraging for more senior issuance from lower tier borrowers
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Dollar strength shines through with euro deals lacklustre
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Investors want to lock in high yields while they can, which should maintain book sizes at healthy levels
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Even those who had expected a soaring end to the year have doubts after zero issuance so far
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Tight overall covered bond spreads mean that new issue premiums appear elevated, despite lower levels
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◆ TD unearths demand for popular FRN ◆ Canadian banks the largest floating rate funders in euros this year ◆ FRN volumes hit five year high