Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ Deal starts with 'intentionally' lower new issue concession than peers ◆ Slower book building may influence this week's tier two issuance ◆ Pre-funding ahead of French elections results in desired €750m size
French bank is marketing the only two deals in ABS primary
Revival of high LTV mortgage lending is creating an opportunity for more SRT and deconsolidation transactions
◆ Austrian lender's biggest capital deal for more than five years ◆ Higher yielding offering piques investor interest ◆ Return to subordinated green issuance
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Ibercaja Banco was said to have steered a new tier two bond through fair value on Thursday, when the Spanish lender also announced the results of a tender for some of its existing capital securities. -
Investors chased after a rare $300m Basel III-compliant tier two bond from Indonesia’s Bank Tabungan Negara (BTN) in both primary and secondary markets this week, sending the 12.3 times covered deal tighter in the aftermarket.
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Banca Monte dei Paschi di Siena was more than two times subscribed for a €400m tier two on Wednesday, as the state-backed Italian lender used strong market conditions to finally complete the last leg of its capital raising plan.
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Banco Santander has followed through on its commitment to call an additional tier one (AT1) bond, after extending the life of the instrument a number of times in 2019. The decision comes as favourable market conditions increased the likelihood that issuers will choose to refinance their contingent capital securities this year.
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The only thing missing from a stellar start to 2020 is a capital transaction from Italy’s Banca Monte dei Paschi di Siena.
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Banco BPM did not need to pay a new issue premium to follow UBI Banca with the sale of an additional tier one (AT1) on Tuesday, as Italian banks make the most of an 'issuer's market' at the beginning of 2020.
