Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
French banks lead the charge in euros with tighter than average NIPs
First public Spanish consumer ABS since September
Senior, capital issuance expected on Tuesday, after impact of historic precious metals sell-off is assessed
Domivest’s Dutch BTL trade has provided a benchmark for Citi
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Three European banks are lining up trades to finance their environmental, social and governance (ESG) objectives this week, with more than half of euro FIG bond issuance arriving in labelled formats in June so far. -
Yankee borrowers found swift execution and deep liquidity as they peppered the dollar market this week, with ABN Amro and Svenska Handelsbanken each printing debut non-preferred senior trades in the currency.
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Piraeus Bank showed the depth of investor demand for high-yielding bank debt this week when it brought the first additional tier one (AT1) out of Greece with one of lowest ratings ever seen in the market. Greek banks are now expected to turn their attention to the minimum requirements for own funds and eligible liabilities (MREL), where green labels and sustainability-linked structures could help them achieve their goals.
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Investors had plenty of appetite for a super-high yielding additional tier one from Piraeus Bank this week. Will they still be hungry when Greek banks try and issue large volumes of senior debt for their regulatory requirements?
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ANZ dropped into the sterling market this week in search of tier two paper, which will help it meet its total loss-absorbing capacity (TLAC) requirements. With the TLAC deadline fast approaching, Australian firms are expected to make use of the attractive funding conditions to ramp up their subordinated issuance.
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Banks have already printed more green bonds this year than they sold in the whole of 2020 and the momentum in issuance is showing no sign of slowing. Borrowers are increasingly interested in labelling subordinated debt, amid growing evidence that such products can offer even more pricing power.
