Senior Debt - All Articles

  • Deutsche Pbb finds weak demand in debut sterling senior trade

    Deutsche Pfandbriefbank (Pbb) had been spying a chance since August to tap the sterling market for an inaugural senior transaction. The German bank found a good window on Wednesday, but attracted just enough orders to launch the £250m preferred senior bond.

    • 13 Nov 2019
  • Bank duo taps into demand for pref senior

    Intesa Sanpaolo and Landesbank Hessen-Thüringen (Helaba) gave investors the chance to put money into preferred senior paper on Tuesday. Both trades attracted chunky order books and gave away a small new issue premium.

    • 12 Nov 2019
  • FIG pipeline bulges as new issuers target senior

    Issuers in the financial institutions bond market do not want to see the chance for cheap funding slip, so more are lining up deals. On Monday, Landesbank Hessen-Thüringen (Helaba) mandated leads for a preferred senior bond in euros, and UK insurer Utmost International said it was aiming for an senior unsecured bond in sterling.

    • 11 Nov 2019
  • Scarce UK supply bolsters RBS's rare social bond trade

    Royal Bank of Scotland launched its debut social bond on Friday, attracting over €2bn of orders for its €750m offering. The trade benefited from a favourable backdrop in the primary market and an increased appetite for UK credit caused by a scarcity of issuance from the country this year.

    • 08 Nov 2019
  • Huarong AMC prices $1bn bonds through curve

    China Huarong Asset Management Co managed to achieve aggressive pricing for its latest $1bn dual-tranche transaction.

    • 08 Nov 2019
  • Non-pref senior ‘lost in the middle’ as investors balk at tight pricing

    Investors staged a protest over pricing in the non-preferred senior bond market this week, causing one transaction to fail and putting two others at risk of falling flat. Comfortable with their returns for 2019 and happy to be able to choose from a glut of new bond offerings, funds have simply been happy to divert their attention elsewhere. Tyler Davies reports.

    • 07 Nov 2019
  • BBVA and DNB work on MREL with pref senior

    BBVA and DNB Bank were both looking to build towards their minimum requirements for own funds and eligible liabilities (MREL) in the euro market on Thursday, eschewing non-preferred senior issuance in favour of the cheaper preferred senior format.

    • 07 Nov 2019
  • Sun Hung Kai prices $350m new issue to fund tender

    Sun Hung Kai & Co raised $350m from a new bond that exceeded its size expectation, helping support a tender offer.

    • 07 Nov 2019
  • Haitong International squeezes pricing for new bond

    Haitong International Securities Group raised $400m from the bond market this week, selling a deal inside fair value after a larger-than-expected price tightening.

    • 07 Nov 2019
  • ‘Secondary effect’ of ECB bond buying helps SCF extend pref senior curve

    Santander Consumer Finance (SCF) had plenty of momentum in its order book as it looked to extend its maturity curve in the preferred senior bond market on Wednesday.

    • 06 Nov 2019
  • HCB offers to repurchase covered bonds as it shrinks its balance sheet

    Hamburg Commercial Bank is offering to buy back up to €1bn of its Pfandbrief notes, as the newly privatised German lender seeks to reduce its assets and liabilities in line with one another.

    • 06 Nov 2019
  • Higher yielding product finds favour in busy market for bank deals

    A flurry of new deals this week had issuers having to compete for investors’ attention. Bankers said that higher yielding deals were much easier to sell, with non-preferred senior bonds from Bankia and Lloyds Banking Group proving more popular than a tighter print from Belfius.

    • 05 Nov 2019
  • RBS to offer rare social bond

    Royal Bank of Scotland is preparing to sell its first social senior bond from its holding company, giving investors a rare chance to add exposure to a UK issuer in the format.

    • 04 Nov 2019
  • OP and SEB overlap in euros with long dated MREL deals

    Skandinaviska Enskilda Banken (SEB) got away without having to pay any sort of a premium for its debut non-preferred senior bond on Monday, despite having to compete for attention with Nordic peer OP Corporate Bank.

    • 04 Nov 2019