Rare trio take contrasting approaches to senior mart

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By Frank Jackman
08 Oct 2020

Argenta Spaarbank, Belfius Bank and Jyske Bank took differing approaches to sell €500m no-grow senior bonds this week — Argenta offered a substantial new issue premium, while the latter pair pushed their pricing close to fair value.

Argenta priced its six year non-call five bond at a final spread of 155bp over mid-swaps, which was 15bp tighter than initial price thoughts.

“The initial price thoughts of 170bp came quite a few basis points back from where the 2027 was spotted, offering investors who have done ...

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