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
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Virgin Money UK tested the strength of the sterling market this week by looking to raise tier two debt. The UK lender was able to tighten pricing by 50bp and print inside fair value, and the new trade accompanied a tender offer of the issuer’s old securities. -
Erste Group Bank kept the tap open on subordinated supply in the euro market this week with a €500m 11-year non-call six deal.
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The European Central Bank has requested that Banca Monte dei Paschi di Siena raise at least €250m of tier two capital before the end of this year, as part of the conditions of its sale of non-performing loans to Amco. Analysts say the bank might have to pay as much as a 9% coupon on the bond.
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A softer backdrop on Thursday was not enough to deter financial institutions from entering the euro market, with Deutsche Bank set to sell a new non-preferred senior bond and Finnish insurer Sampo welcoming plenty of demand for a tier two.
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FIG bankers say that market conditions are ripe for capital deals, but that issuers are starting to run out of room for more subordinated debt.
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Activity in the financial institutions bond market has picked up this week after a long pause in euro supply. Danske Bank and Belfius Bank were among the names looking to capitalise on the improving market conditions on Wednesday.
