Santander
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Deutsche Bank secured a remarkable comeback this week with its first additional tier one transaction in nearly six years. But investors are now asking themselves whether the German lender’s next move in the asset class will be to extend the life of one of its outstanding bonds, writes Tyler Davies. -
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US telecoms company AT&T brought a new type of hybrid deal to Europe’s corporate bond scene this week, as dwindling spreads created seemingly contradictory sweet spots for issuance across the market.
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Italian banks have been piling into the primary bond market in the first quarter, capitalising on an incredible rally in the sector as investors look for new sources of value.
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AT&T, the US telecoms company, broke new ground in the European bond market on Wednesday by issuing a €2bn perpetual non-call five year preferred security.
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UniCredit was greeted with more than €7bn of demand for a new additional tier one in the euro market on Wednesday, as the bank appeared to take its first steps towards including subordinated debt as part of its stack of Pillar 2 capital.
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Banco BPM tightened pricing by nearly 30bp for its debut non-preferred senior bond on Tuesday, with investors backing Italian credits as a source of value compared with other assets in the euro area.
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Banco Santander was the only financial issuer in the sterling market on Tuesday, tapping the currency for a non-preferred senior bond. Sterling has made a 'rocket start to 2020', according to FIG market participants.
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Akelius Residential Property, the Swedish property company, ratcheted in the yield on its hybrid capital issue by 50bp on Monday, setting the stage for a romping week of similar issuance as further names line up deals.
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The Reverse Yankee market could be set for another strong year in 2020, with Wells Fargo adding last week to an already encouraging running supply total in the format.
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Caffil, Santander Consumer Finance and Hamburger Sparkasse enjoyed exceptionally strong receptions for what were tightly priced covered bonds issued this week.
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Santander Consumer Finance in Germany attracted excessive demand for its debut benchmark Pfandbrief which offered a considerable pick-up over swap rates. However, demand was more tentative for La Banque Postale’s 15 year, possibly due to renewed volatility in rates.
