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Subordinated debt needed to support growth of public sector lender
◆ Late emergence of a new FIG issue surprises some ◆ RT1 comparables debated ◆ French sovereign exposure 'more limited' than peers
Central bank interest rates cuts turbocharged the unsecured FIG market in 2024, making for a strong year for bond issuance. With further rate cuts in Europe expected in 2025, Atanas Dinov reveals how market participants expect the year to unfold
Relentless appetite for financial institution paper led to a collapse in new issue premiums at the start of 2024. In the second half of
the year, however, some investors pivoted away from senior paper
and into subordinated debt as the hunt for yield intensified,
writes Sarah Ainsworth
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French senior bank bond market has been 'pretty resilient' though remains 'very sensitive' as liquidity thins -
Bank issuers may soon reinstate long dated senior issuance in euros as long as they swallow costs of steeper credit curves
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ABN Amro jumped into the dollar market amid pre-Thanksgiving flurry of bank issuance
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◆ Investors place 'sticky' orders in Abanca's first public deal since July 2023 ◆ Lender combines new deal with liability management ◆ Pays lower concession than last week's issuers
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Strategic refinancing of capital gathered pace amid low spreads, despite rising concessions
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◆ BNPP follows Barclays' lead with A$1bn tier two ◆ Aussie dollar investors 'positioning' into higher yielding debt before rate cuts ◆ Barclays also raises AT1 capital in the region
