Banks
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ABN Amro took advantage of a stable background and quiet market conditions to re-open the Yankee bank market this week, with a $2bn trade that attracted more than $7bn in orders. -
It is misplaced to be relaxed about the speed with which banks are aligning their liability structures with regulatory requirements.
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Intesa Sanpaolo issued a €1bn senior bond on Thursday as it looked to get ahead of other banks, while its main competitor, UniCredit, considers doing more this year.
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With interest rates expected to rise, the ability to offer delayed funding on attractive terms is becoming more important for investors in sterling US private placements (PPs). Some are struggling to get into deals as they cannot compete with their rivals’ terms, writes Silas Brown.
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National Australia Bank issued €2bn of new senior conventional and green notes on Wednesday with a simultaneous tender for existing short-dated debt that could inspire other banks in the euro market looking to make their maturity profiles more efficient.
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Berlin Hyp, Commerzbank and Deutsche Bank used this week’s supply window to launch the first three preferred senior deals out of Germany, which has only just legislated for issuance in the asset class.
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Baumarkt, the German DIY retailer, has launched a Schuldschein via Debtvision, LBBW’s digital platform.
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The US corporate bond market slowed to a trickle this week with just a handful of smaller deals as desks thinned out ahead of the Labor Day holiday.
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Goldman Sachs said on Wednesday that it had signed a sale and leaseback agreement with Korea’s National Pension Service on its new European headquarters, under construction around the corner from the bank’s existing London offices on Fleet Street.
