Going into the final quarter of 2023, the outlook is uncertain after the Fed at its last meeting hammered home its “higher for longer” message. But although the credit market remains subject to the whims of the rates ...
Tone downbeat in wake of hawkish Fed, but selective opportunities for issuance remain
Market
The resumption of euro unsecured bank issuance today (Tuesday) comes on the back of a rapid recovery from post-SVB and Credit Suisse lows, with even AT1s having rebounded strongly. The ball is now in the court of central ...
Euro bank debt recovers strongly to reopen ahead of Easter, as rate outlook improves
Market
With market conditions having cooled in the past fortnight on the back of surprisingly strong data out of the US but also Europe, issuers can expect to encounter more modest demand and pay higher new issue premiums than ...
Pause for thought after blistering FIG start as volatility rises on persistent inflation prints
Market
A collapse in spreads on the back of technicals and a positive reading of the latest economic and geopolitical developments paved the way for Toronto-Dominion to tap the euro market today (Monday), but imminent downside ...
TD Bank hits euros as spreads rebound, but positivity set to be tested in ‘critical week’
Market
The first euro benchmark AT1 deals of the year have successfully hit the market amid a string of FIG trades, as issuers have sought to take advantage of a recovery in sentiment to get ahead in funding plans. But with spreads ...
Downside risks return to the fore after resurgent primary phase for FIG issuance
Market
Mapfre paid a negligible new issue premium when issuing the first subordinated insurance trade in euros since Russia’s invasion of Ukraine on Wednesday, a €500m eight year deal that drew close to €1.7bn of orders ...
Mapfre Tier 3 debut achieves minimal NIP
Market
“Faster, higher, stronger — together.” The Olympic motto has not only been in evidence in Beijing this month, but at the ECB in Frankfurt and across the Federal Reserve System, with inflation forcing their hands. The ...
Primary hit by curve repricings as inflation hastens rate, purchase programme moves
Market
Following last week’s ECB and Fed decisions, and with Covid-19 and inflation uncertainty only increasing into the new year, financial issuers will have to navigate an even busier January primary market than expected amid ...
2022 set for bumper, bumpy reopening as inflation, Covid complicate macro outlook
Market
Well-received remarks from Fed chair Jerome Powell set the stage for records to fall in the financial institutions space this week, as investors took their foot off the brake, allowing issuers from Allianz to CaixaBank to ...
AIA, Allianz put down markers as coupon records fall on back of Powell taper stance
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