Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Spanish bank obtains regional investor diversification and fresh capital ◆ Deal highlights subordinated funding is cheaper in dollars than euros ◆ Other banks should be encouraged to issue in dollars
![06.02.2019, Singapore, Republic of Singapore, Asia - A view of the HSBC banking building in the business district. To the left of it you can see a part of the Fullerton Hotel. [automated translation]](https://assets.euromoneydigital.com/dims4/default/329fde5/2147483647/strip/true/crop/4256x2397+0+0/resize/293x165!/quality/90/?url=http%3A%2F%2Feuromoney-brightspot.s3.amazonaws.com%2Fe6%2Ff7%2F61cd2ddc44dd8ce259b3365b1d98%2F2b759cn.jpg)
◆ Deal precedes redemption of AT1 and exacerbates shortage of paper in the currency ◆ Issuer locks in ‘very good’ arb ◆ HSBC’s third trade this week follows sterling covered and senior bonds
◆ Spanish bank adds dollar AT1 to 2023 sub debt mix ◆ Deal attracts 'encouraging' European support despite recent local market outing
Banks are getting busy refinancing additional tier one — could even UBS issue?
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◆ European and Asian issuers lead the charge as Barclays takes size◆ Global funding conditions shift in favour of dollars ◆ UBS returns to bond market for the first time after Credit Suisse takeover -
The turning macro cycle means smaller bank issuers can afford to take their time and steer clear of the seemingly piping hot but unpredictable bond market
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◆ Austrian lender saves with early tier two refi ◆ Others could follow into 'wide open' AT1 market ◆ Generali's popular tier two bullet shoots through fair value
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Insurer returns again to raise dollar sub debt
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◆ French issuer banks on ‘good name recognition’ to price far tighter than euros ◆ Investors now have high exposure to issuer ◆ Foreign subordinated issuance may slow down due to worsening rate moves
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◆ Spanish bank becomes first big European lender to skip an AT1 call this year ◆ Muted market reaction for other issuers so far ◆ Intesa Sanpaolo prints €1.25bn AT1 with €5bn peak book
