Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Senior notes were priced tighter than recent deals
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
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Banco de Sabadell’s debt securities took a nose-dive in the secondary market on Friday morning, after the Spanish lender said that it had failed to agree on the terms of a merger with BBVA. -
Barclays has become the latest bank to begin transitioning over the reset rates on several of its additional tier one bonds from Libor to Sonia. Unlike recent switchers Lloyds and Santander, Barclays has also opted to change over the reset rate on an outstanding dollar AT1.
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Sweden set out on Friday how it will apply the EU’s latest capital rules to its banks. Market participants highlighted that the planned changes would give issuers less headroom over the coupon cancellation threshold for their additional tier ones (AT1s).
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Small transactions reached big audiences in the financial institutions bond market this week, as investors realised they would need to consider buying sub-benchmark supply in order to make the most of a dwindling deal pipeline. Tyler Davies and Frank Jackman report.
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Belgian insurer Ageas sold its first deal in almost a year this week, with the spread on offer helping to drive demand to more than three times covered.
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Erste Group Bank and Société Générale both capitalised on the euro market’s extremely favourable conditions this week, pricing new subordinated deals in line with fair value or even through it.
