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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
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
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
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◆ Italian bank opts to refinance early deal with call due next year ◆ Pays heightened premium but lower spread compared to earlier, shorter tier two ◆ BPM has been acquiring stakes in Italian financial institutions -
◆ Austrian bank completes strategic capital refi ◆ Investor response show 'no consensus' on pricing for 'very esoteric name' ◆ New deal has lower funding cost than March's pulled attempt ◆ Other debut issuers show deeply subordinated capital remains desirable
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Synthetic securitization backed by loans from four jurisdictions will boost CET1 ratio by 16bp
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Hot market conditions encourage pre-funding, amplifying borrower dilemma ahead of busy January
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Host of lenders sell mortgage pools in capital optimisation drive, with more expected next year
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HSBC leads Yankee charge as banks took advantage of tight spreads to bring forward 2025 funding plans and fulfil some of their riskier commitments
