Singapore
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SSA issuers extend their hot run in the private market, crowding into the short end of the curve -
Market is particularly interesting for banks doing capital trades
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◆ Singapore bank returns after lengthy absence ◆ Price tightened from 34bp area ◆ Lead banker said ‘one or two deals left in 2025’
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◆ Barclays raises €1.75bn in dual tranche senior ... ◆ and issues Singapore dollar AT1 ◆ Lloyds pulls $9bn of orders for US dollar AT1
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◆ Sterling covered market on a 'hot streak' ◆ Strong demand pledged, including international interest ◆ Offshore sterling covered spreads compress
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◆ Flow picking up in quiet sterling market ◆ CMA's redetermination unlikely to change credit metrics for UK water companies ◆ Logistics real estate issuer kicks off euro green bond
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Oversubscribed loan adds $800m of liquidity
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◆ Maybank gathers sticky, high quality demand ◆ No premium needed ◆ Prima prices tight
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◆ Four years is the 'sweet spot' ◆ Existing curve ignored during pricing ◆ Slim premium paid over recent deals
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Loan has an accordion option that can see its financing bumped up by another $417m
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◆ Singaporean lender achieves both price and size ◆ Slim concession offered ◆ Short tenor stands out
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◆ Tight deal needed no premium ◆ New investors buy the name ◆ Some short-dated covered bonds now trading through Länder
