FIG firing on all cylinders

Financial borrowers are taking advantage of the bond market’s good tone to price large benchmark issues. The senior market has been particularly busy with BBVA, Lloyds TSB and Barclays all pricing well oversubscribed new issues. HSBC and KBC have also launched new deals, which bankers expect to be well received. Rising yields and the lack of recent supply have contributed to the renewed appetite for senior unsecured paper, which has also allowed borrowers to extend further down the curve, breaking the trend for short-dated deals.