Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
Market reopens with the first public ABS deal since July 24
Capital deals and a tight Nordic senior print point to what lies ahead for issuers
Attractive market across the capital stack prompts expectations for foreign bank supply until the very end of August
◆ Record sized sterling deal for an Australian bank ◆ Achieves pricing inside equivalent euro level, lead says ◆ Follows record earnings
More articles/Ad
More articles/Ad
More articles
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Lloyds Banking Group asked permission from investors this week to change the reset rates on two of its additional tier one (AT1) securities so they bear reference to Sonia. The move is likely to kick off a trend in sterling and in dollars, as market participants prepare for the death of Libor. -
Singapore’s DBS Bank ventured into the Kangaroo market on Wednesday in search of tier two debt. Though Australian dollar tier two volumes have remained stable year on year, there is a marked decline in offshore issuance so far in 2020.
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Svenska Handelsbanken found tight pricing for a dual offering of additional tier one (AT1) notes on Tuesday. It became the first European bank to set a dollar AT1 coupon of less than 4.5% for one of its tranches.
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Julius Baer returned to the dollar additional tier one (AT1) market on Tuesday, having pulled a transaction last week. It changed bookrunners, shortened its call period and offered a higher coupon to get its deal away this time.
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China Huarong Asset Management offered investors a new issue premium to get its $1.2bn three-tranche bond past the finish line, a move that resulted in a three times covered book with decent support from real money accounts.
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Turbulent conditions forced several banks to delay bond issuance plans this week, and one even pulled a transaction after launch. Deal flow is likely to pick up again soon, but the cost of funding is certain to be higher, writes Tyler Davies.
