After a time-out to digest the game-changing German fiscal package, European financial institutions issuance resumed on Monday, with investors still willing to put liquidity to work and enjoy the higher yields on offer, but ...
Game on, but pricing rules have changed as investors guard against uncertain world
Market
The primary market’s strength shows no signs of easing, allowing banks to comfortably achieve size and price across euros and US dollars, as evinced by ballooning order books and absence of new issue concessions for the ...
Unbalanced, undersupplied market allows issuers to go from blackouts to blow-outs
Market
BBVA Mexico switched from its typical 15 year non-call 10 structure to a 10 non-call five for its latest Tier 2 issue on Wednesday, a $1bn (MXN20bn, €967m) 144A/Reg S transaction that attracted a peak $5.4bn of orders, ...
BBVA Mexico makes successful Tier 2 shift
Market
Record AT1 supply last month reflected not only demand- but also supply-side factors, notably 2025 having the busiest calendar for calls yet, thanks to the accumulation of issuance over the past decade. As such, the activity ...
September sets AT1 record ahead of 2025 peak, bringing par call strategies to the fore
Market
Crédit Agricole Assurances attracted over €3.4bn of demand to a new €750m long 10 year bullet Tier 2 issue on Tuesday, allowing for pricing at a minimal new issue premium and setting up nicely a parallel tender for two ...
CAA Tier 2 hits the spot after Allianz wows
Market
With a first US rate cut now nailed-on, European banks this week lapped up demand from investors seeking high beta products in dollars and euros, and nowhere more so than in the AT1 market, while insurance and emerging names ...
Yield-hungry investors pile into AT1 pack at tight levels as Fed ignites FIG fireworks
Market
Having been caught off guard by Macron’s Sunday night gamble, markets’ reaction to the risks this threatens to unleash were initially modest, but fears escalated through the week such that by Thursday they were ...
Macron puts Powell in the shade as markets recoil at prospect of RN, torpedoing supply
Market
Going into the final week of January, the primary market for financial institutions issuance is still buoyant, undeterred by rich valuations and the potential for repricing, as ample liquidity and the big picture of rates ...
Primary defies concerns as investors lap up FI supply, driving spreads and NIPs tighter
Market
Insurance hybrids proved the flavour of the month in the opening weeks of 2024, with Axa attracting peak demand of over €8bn to a €1.5bn inaugural RT1, while an Allianz €1.5bn Tier 2 was able to outperform bank ...
Allianz, Axa star as sub insurance hits sweet spot
Market
