BBVA
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UniCredit, HSBC and BBVA opened books on new additional tier one (AT1) bonds this week, as banks took advantage of extremely supportive primary market conditions to bolster their stocks of debt capital. -
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Spain’s BBVA priced €500m of additional tier one paper with the lowest coupon of any southern European issuer this week, following its compatriots Banco de Sabadell and Santander in taking advantage of healthy appetite for the product.
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Turkey’s Garanti Bank is expected to capitalise on the strong rally in emerging market credit to print its debut Basel III-compliant tier two capital bond this week, and bankers are wondering how much of the recent market tightening will be seen in the price.
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Spanish banks have taken just over four months to shoot past the supply totals they managed in the whole of last year, after yet another impressive deal was priced this week. With the creation of a new senior asset class potentially just around the corner in Spain, 2017 could turn out to be a bumper year for the nation’s financial institutions.
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BBVA said this week that it could be in a position to issue its first non-preferred senior bond by the second half of the year, as optimism following the first round of the French presidential election helped create extremely attractive issuance conditions in the FIG market.
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The European Atomic Energy Community (Euratom) has ended a six year absence from capital markets with a 10 year medium term note, which is to be the first of six.
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The palette of socially responsible investment bonds is expanding. Two borrowers made SRI debuts this week with a social inclusion bond and a sustainability bond, while a third has announced its intention to follow suit.
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Spain’s BBVA paid next to no new issue premium for €1.5bn of new funding this week, picking its moment to return to a very healthy market for floating rate notes.
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