BBVA
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European sovereign tests inflation-linked market as EU brings a new green bond
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◆ BBVA feeds undersupplied senior sector ◆ Unicaja Banco tier two nets negative NIP ◆ Mixed views on near-term supply
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◆ Barclays unlocked strong long-end demand for its first dollar trade of 2024 ◆ BlackRock raised $3bn as FIG supply booms
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Former regional DCM head has relocated to New York to work for Spanish bank
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Latin American investment-grade corporate paper finding exceptional demand
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Latest deal came 1bp through fair value, according to the issuer
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Participants anticipate a push to 15 year frontier in covered bonds as duration demand drives all of FIG
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◆ Deal priced tight by a number of metrics ◆ Hefty oversubscription shows robust demand for FIG capital ◆ Trade clears flat to fair value compared with 10bp-15bp NIP for senior preferred at start of January
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Demand for its new 10 year trade finished above €137bn
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◆ Market reaches new equilibrium after swift spread widening last week ◆ Issuers pay 5bp-15bp of NIP on the day ◆ Long end especially popular as 10 year deals account for half of senior volume
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Mexican lender falls short of bond size target as late 2023 momentum fades
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Investors pounce on Société Générale and UBS sales after yields rise, then rates rally to soothe fears