BBVA
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◆ Investors absorb new bank capital ◆ BBVA prices at tightest euro AT1 reset spread of 2025 ◆ Eurobank returns after May AT1 debut -
◆ BBVA opts to go long amid attractive absolute spread levels ◆ Pays slim concession ◆ Higher paying RBI lands flat to fair value backed by strong demand
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◆ Last euro non-preferred issued more than two years ago ◆ Debate on premium paid with leads spotting 'at least' a 5bp concession ◆ Final spread still a tight absolute level
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Islamic Development Bank deal sold inside the curve
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◆ IDA fair value more art than science ◆ MuniFin gets over 140 accounts in its book ◆ Madrid makes debut EuGB trade
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◆ Deal attracts largest SSA book since Feb ◆ Issuer follows usual pattern ◆ Strong macro, interesting RV
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◆ Issuer hits a market embracing every type of FIG deal ◆ Big order attrition but no concession paid ◆ CCF prepares to optimise tier two capital well ahead of call
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International banks launched a torrent of dollar FIG supply as they swatted away political uncertainty to get 2025 off to a rapid start
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◆ Size was at upper end of recent range ◆ Book was over €30bn at one point ◆ Portuguese bonds still tight versus peers
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◆ Deals pricing close to fair value amid healthy demand for bank capital ◆ AIB resuscitates euro issuance with first deal in two months ◆ BBVA and StanChart go for larger dollar market
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Banks are looking at next five weeks to raise anything from deeply subordinated capital to senior debt
