Weekly Covers
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◆ Larger-than-usual size ◆ Constructive Friday opening led to three well-received FIG trades ◆ ...of which Alpha may have paid the least NIP -
Higher new issue premiums make deals shine amid market volatility
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Rising energy costs, inflation and interest rates may all sound a bit 2023 in the face of the latest fears about AI Armagaddon but this is what will drive the bond market for now
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Citigroup and Wells Fargo hit positive post-Fed market with a $18bn salvo
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◆ Strong conditions seized to print first AT1 in a year ◆ Comes more than a year ahead of next call ◆ Tight valuation, high yield leads to the bank's lowest outstanding reset spread
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◆ French bank secures 'surprising' demand... ◆... giving the option to go big ahead of national budget ◆ Concessions debated, but higher premium and spreads lure buyers
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◆ First euro funding in almost a decade ◆ Part of early refi of its last euro bond ◆ Rarity makes it a trickier sale during heightened market volatility
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◆ Fixed rate tranches leave double-digit concessions to attract hefty book ◆ Favourable cost to dollars ◆ HSBC surpasses 2026 holdco funding plan
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Present leader promoted to chairman of advisory and financing
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◆ Bank's second labeled tier two in currency this year ◆ Limited attrition ◆ Volatile energy backdrop amid Strait of Hormuz tensions
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Yankee deals range from subordinated debt debuts to super long senior extensions
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Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
