Latest News
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BEA shrugs off weak results with $650m AT1 return
The Bank of East Asia returned to the market with a Basel III-compliant additional tier one (AT1) deal, paying no premium despite reporting disappointing interim results for the first half of 2019 and amid the turmoil in Hong Kong SAR.
13 Sep 2019 -
BMO and Rothesay Life bring sterling market to life before ECB meeting
Bank of Montreal and Rothesay Life made use of the quieter political situation in the UK this week to issue in sterling, in the same week issuance paced down in the euro market ahead of the European Central Bank’s meeting.
12 Sep 2019 -
FWD Group’s $600m perp falls in secondary
FWD Group has come to the market with yet another unusual transaction, raising $600m but seeing the bond open a whole point lower in the secondary market on Wednesday morning.
11 Sep 2019 -
Achmea responds to speculation over sub debt issuance
Achmea put out a statement on Wednesday in which it reminded investors to rely on Bloomberg for information about upcoming issuances, amid speculation that it was considering raising restricted tier one or tier two notes.
11 Sep 2019 -
Investors on stand-by for new Italian FIG supply
Italian bank bonds have performed very strongly as the country has prepared to welcome in a new government, but investors are still waiting for the sector to produce any new debt supply.
11 Sep 2019 -
Rothesay Life hits sterling for blowout tier two
Rothesay Life chose a quieter day in UK politics to issue a tier two in the sterling market on Tuesday. It also took advantage of the lack of supply in the currency and the deal was oversubscribed four times its £400m size.
10 Sep 2019 -
Groupama switches old for new with tightly priced T2
Groupama seized an opportunity to replace one of its outstanding tier twos with a cheaper set of capital instruments on Monday, drawing on sizeable demand for higher yielding assets in the euro market.
09 Sep 2019 -
Bonds news in brief: Greater China credits head to dollars
Six Greater China borrowers, including Industrial and Commercial Bank of China (Macau) and an unrated property developer, have wooed bond investors to their new dollar deals.
06 Sep 2019 -
Brexit stupefies investors as Bank of Ireland misjudges mood
Bank of Ireland was unable to complete the sale of a tier two transaction this week, after the UK Parliament descended in chaos. Bond buyers have by and large taken a pragmatic approach during Brexit negotiations, but market participants said that on this occasion the Irish issuer had “misjudged” how nervous investors were, writes David Freitas.
05 Sep 2019 -
Early 2020 for next UK sukuk
The UK is preparing to launch its second sukuk in early 2020, said city minister John Glen on Wednesday in a speech at an Islamic Finance Week event held at Mansion House.
05 Sep 2019 -
Beazley plumps for dollars over sterling for $300m T2
Beazley Insurance dac eschewed the sterling market to raise $300m of tier two capital in the dollar market this week, ending up with a trade that was four times subscribed by Reg S investors.
05 Sep 2019 -
SG Aussie AT1 fails to reach heights of rivals
FIG bond bankers are worried, as one put it, that “the steam is coming out of the Kangaroo market” after Thursday’s additional tier 1 (AT1) deal from Société Générale failed to reach the heights of deals from UBS and BNP Paribas earlier in the summer.
05 Sep 2019 -
Bank of Jinzhou’s woes to shake support for AT1s
Chinese city commercial bank Bank of Jinzhou plans to cancel coupon payments on its dollar additional tier one bonds for a year, the first such case from a mainland lender. The “shock” move from the beleaguered firm could shake investors’ risk appetite for bank capital deals from the country, writes Morgan Davis.
05 Sep 2019 -
RBI hoovers up demand for tier two
Raiffeisen Bank International sold a tier two bond this week, tightening pricing by 40bp. The trade was supported by hefty investor demand of €2.7bn, more than six times the deal's €500m size.
04 Sep 2019 -
Bank of Ireland postpones tier two as Brexit fears swirl
Bank of Ireland abandoned plans for a new €300m tier two on Tuesday after struggling to build much enthusiasm around the transaction. Market participants said the Irish lender had fallen victim to growing fears of a ‘no deal’ Brexit.
03 Sep 2019
