Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Mixing collateral across borders will not work for every issuer
IPTs still leave room for tightening into 60s
◆ Unsecured sterling supply ranges from highly rated US insurers to debut, unrated capital ◆ Aldermore's inaugural benchmark to be a tier two ◆ MassMutual brings September's third sterling FABN
Morgan Stanley priced a €693m Spanish RMBS
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Banco de Sabadell was met with good demand this week for the first euro additional tier one benchmark of 2021, as investors welcomed the rare opportunity to pick up subordinated bank debt in the primary market. -
Alpha Bank priced a new tier two in line with its initial marketing range on Thursday, after failing to build up much momentum through the order book.
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Aviva launched a buy back process for eight securities in euros and sterling on Thursday, covering senior bonds, tier two notes and tier one paper. The insurance company is looking to reduce its stock of debt quickly as a way of meeting its leverage ratio targets.
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Barclays won plaudits for steering a 21 non-call 20 tier two into an extremely tight pricing level this week, following earlier examples from the large French banks. It accompanied its deal with the sale of some long dated senior paper.
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Belfius Bank is looking to amend the terms and conditions of one of its tier twos so that it can remain eligible for the minimum requirements for own funds and eligible liabilities (MREL). The bond was issued with risk factor language under English law but will now need to be updated to reflect the UK’s departure from the EU.
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Market participants will be reassessing the role of deposit guarantee schemes in European Union bank bailouts after this week’s ruling by the European Court of Justice that the 2014 rescue of Banca Tercas should have been upheld as lawful.
