Euro
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◆ Deal lures investors amid lack of euro issuance this week ◆ Moves in pricing by 35bp from IPTs on 6NC5 deal ◆ Follows after S$400m SNP diversification -
Agency achieves record tightening, plans at least one other public bond in 2024
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Week starts with a high beta tone as issuers prepare to cram into a short window
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Lender's Singapore entity could issue its debut euro covered bond following non-deal roadshow
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◆ Bank remains 'ready' to issue an AT1 if market is there ◆ RBI expects its planned Russia exit through Strabag equity stake purchase to go ahead ◆ Old AT1 unlikely to be called in June
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New factors suggest bank bond issuers will find even better funding market if they wait until after Easter
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Higher than average issuance in first quarter augurs slim pickings ahead
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Downgrade of bank’s unsecured ratings is unlikely to lead to further repricing of other German issuers’ covered bonds
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◆ Market ‘risk-on’ after Fed meeting and surprise SNB rate cut ◆ Op Corporate Bank FRN fives times subscribed ◆ Senior sentiment unharmed by RBI’s pulled AT1
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European bond spreads have come in from highs, but effects of Hindenburg report remain
