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As UK loan, bond and derivative market participants work to the deadline of December 31, 2021 to stop using Libor, one of the biggest hurdles is how to calculate the new reference rate: Sonia. -
Dismal European growth has weighed on rates, forcing buyers down the curve in search of yield and spread. A sharp turnaround feels distant, but a stabilisation has already materialised and investors that piled into long-dated bonds may come to regret it.
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While other central banks have started to grapple with climate change, the Federal Reserve has been conspicuous by its absence. But as green shoots begin to emerge in the US, the Fed will not be able to ignore the topic for much longer.
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Euro investors have become more receptive to UK bank debt this year, leading to a blowout reception for a covered bond from Yorkshire Building Society this week. But issuers are yet to break a long period of silence in sales of unsecured products, mindful as they are of a Brexit hangover in the euro market.
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Royal Bank of Scotland Group was marketing a long-dated senior bond in the dollar market on Thursday, copying Barclay’s choice of currency with its first deal after results.
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For all its woes, Deutsche Bank’s corporate finance business has much to play for in EMEA, writes David Rothnie.
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Barclays has wasted little time in accessing the debt markets after publishing first quarter results, selling senior bonds out of its holding company in both dollars and sterling this week.
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Spain’s Banco de Sabadell surpassed expectations with its first visit to the non-preferred senior asset class on Tuesday, tightening 35bp during the pricing process and taking away €1bn of new funding.
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Rabobank sold a 12 year non-preferred senior bond in euros on Monday, the longest dated offering that any bank has tried in a senior format so far this year.
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Royal Bank of Canada has wrought havoc with the traditional pecking order for Canadian financial institutions in the credit markets, beating a better-rated peer for spread amid a string of recent senior issuance out of the country in euros. Market participants took the stunning developments this week as clear proof for a long-standing belief: green funding is simply cheaper. Tyler Davies reports.
