.png){kind=logo}
GC Asia
When it comes to LM, it pays to look at the whole picture
Pricing new bond issues can be a delicate affair, and never more so than when a borrower is switching old bonds for new. So the market should not be too quick to judge a hefty rally on the back of a liability management exercise.
When Royal Bank of Scotland’s new tier two securities rallied several points above par on Friday, rival syndicate bankers were quick to stick the boot in. They decried the outperformance, saying the deal was mispriced and the UK bank had handed bond investors cash on a plate.
The ...Already a subscriber? Login
-
Latest news from FIG
-
Science-based targets could help banks wrestling with climate risk
22 Oct 2020 -
UK moves early to dispel fears about bank capital buffers
22 Oct 2020 -
A friendlier face for UK bank supervision
22 Oct 2020 -
La Banque Postale EUR500m 0.875% Jan 31 10.25NC5.25 tier two
22 Oct 2020 -
UnipolSai EUR500m 6.375% PNC10 RT1
22 Oct 2020
-
-
Latest news from FIG
-
Science-based targets could help banks wrestling with climate risk
22 Oct 2020 -
UK moves early to dispel fears about bank capital buffers
22 Oct 2020 -
A friendlier face for UK bank supervision
22 Oct 2020 -
La Banque Postale EUR500m 0.875% Jan 31 10.25NC5.25 tier two
22 Oct 2020 -
UnipolSai EUR500m 6.375% PNC10 RT1
22 Oct 2020
-
