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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Danske Bank slipped in ahead of a post-earnings supply rush on Monday to issue a new tier two note at flat to fair value. According to one banker, the deal showed that investors were still willing to take on risk even as spreads near record lows. -
UBS found room for $5bn of new debt in the dollar market this week, starting with a “phenomenal” result for a new additional tier one (AT1) on Monday and ending with a three-part senior offering a day later.
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Liberty Mutual gave US institutional investors their first chance to pick up subordinated paper with a fixed-for-life coupon in the 144A market this week. Bankers say the issuer may have found a new pool of demand for the product, which has traditionally been reserved for retail channels.
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The European Central Bank has said it is too soon to tell if banks will use the flexibility embedded in the Basel capital buffer framework because the credit impact of the coronavirus pandemic is still unclear.
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Bank bond spreads widened on the back of negative sentiment this week, but a handful of lenders were still able to take advantage of a constructive backdrop in the new issue market.
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China is allowing banks to issue perpetual bonds with an equity conversion provision, an attempt to balance the need to help smaller lenders shore up their capital with a desire to protect investors. Addison Gong reports.
