Senior Debt - All Articles

  • Bank supply to be muted ahead of US election

    Despite a recent deal surge, investors and issuers are set to pull away from the primary market with just one full week left to go before the US presidential election.

    • 23 Oct 2020
  • Raiffeisen prints Swissie bail-in bond

    Raiffeisen Schweiz brought a rare Swiss bail-inable bond to the market on Thursday, issuing Sfr325m ($358.3m) across two tranches to help replenish its capital structure.

    • 22 Oct 2020
  • Senior trio make most of opportunistic window

    Three banks rode out a volatile bond market this week, printing senior deals amid positive sentiment caused by talks making it seem an agreement about a new US Covid-19 stimulus package was closer on Tuesday.

    • 22 Oct 2020
  • Bank bond investors focus on primary as spreads widen

    Bank debt investors are still piling into the primary market, even as deals struggle to perform in secondary trading.

    • 22 Oct 2020
  • UOB goes tight in Aussie dollars

    United Overseas Bank achieved the tightest spread for a five year floating rate bank issue in Australian dollars in over 10 years this week, issuing A$750m ($532.0m) to prove that there is still demand at decade-low levels.

    • 22 Oct 2020
  • Bank pair taps 'rollercoaster' euro market

    A pair of banks made opportunistic moves into a euro market buoyed by positive headlines around a potential US stimulus bill on Wednesday. France’s Crédit Mutuel Arkéa and Japan’s Sumitomo Mitsui Financial Group each tapped for senior paper, raising €500m a piece.

    • 21 Oct 2020
  • US banks target euros after Q3 results

    Morgan Stanley joined its peer Bank of America in accessing the longer end of the euro market this week, with US names faring well in the currency following several months of absence.

    • 21 Oct 2020
  • Metro Bank falls below MREL targets

    Metro Bank said on Wednesday that it had slipped below its loss-absorbing capacity targets. But before it commits to issuing more senior debt, it is waiting for the Bank of England to complete a review of the minimum requirements for own funds and eligible liabilities (MREL).

    • 21 Oct 2020
  • China Everbright debuts in dollars

    China Everbright, the Hong Kong asset manager, sold its maiden dollar bond on Tuesday.

    • 21 Oct 2020
  • Criteria Caixa considers seven year euros

    Criteria Caixa is sounding out investors for a new seven year unsecured euro bond: its first at this tenor in over five years.

    • 20 Oct 2020
  • Asian bank pair take Aussie trip

    A pair of Asian banks tapped the Australian dollar bond market for a combined A$1.25bn ($880m) on Tuesday. A number of banks have visited the Aussie market in recent weeks to great success, and more are set to follow.

    • 20 Oct 2020
  • Euro market opens its arms for return of US banks

    Deal arrangers say the euro market is wide open for the return US bank issuance, following a very successful trade from Bank of America this week.

    • 20 Oct 2020
  • KDB uses Covid label to raise $1bn

    Korea Development Bank took $1bn from a dual tranche transaction on Monday, using a social label for one portion of the bond to attract a new group of investors.

    • 20 Oct 2020
  • CDB entices investors with dollars, euros

    China Development Bank (CDB) raised nearly $3bn from dollar and euro bonds on Monday, appealing to investors due to its rarity in the debt market.

    • 20 Oct 2020
  • China Minsheng floats $500m bond

    China Minsheng Banking Corp sold a floating rate bond through its Hong Kong branch last Friday, nabbing $500m from the club-style transaction.

    • 19 Oct 2020
  • Investors see value in foreign Aussie issuance amid domestic drought

    With the Australia’s big domestic banks avoiding the capital markets thanks to excess liquidity and cheap central bank funding, Aussie dollar investors are searching for somewhere to park their excess cash – with foreign banks offering one way to pick up the slack.

    • 16 Oct 2020
  • Big guns hold fire after earnings glut

    The world’s biggest banks sat out the primary bond market in dollars this week, dashing hopes of a pre-election funding blitz.

    • 16 Oct 2020
  • ABC, BOC Investment add to FIG spree

    Agricultural Bank of China and Bank of China’s investment arm tapped the bond market on Thursday, joining a host of other issuers that also sought fresh funding.

    • 16 Oct 2020
  • UnionBank returns to dollars

    Union Bank of the Philippines (UnionBank) made a rare outing in the dollar market on Thursday, competing with hefty supply from Greater China to raise $300m.

    • 16 Oct 2020
  • BFCM EUR1.25bn 0.625% Feb 2031 senior non-preferred

    • 15 Oct 2020
  • Iccrea Banca EUR500m 2.25% 5NC4 senior

    • 15 Oct 2020
  • Nordic banks to finish 2020 with PPs

    Nordic banks are likely to focus on smaller private placements for the rest of the year, with many already having enough liquidity that they do not need to print new benchmarks.

    • 15 Oct 2020
  • Woori Bank debuts in Aussie dollars with Covid bond

    South Korea’s Woori Bank sold its first Kangaroo bond on Thursday, raising A$400m to help fund its response to the coronavirus pandemic.

    • 15 Oct 2020
  • Woori seeks Covid-19 relief in Kangaroo mart

    Woori Bank is preparing to make its Kangaroo bond debut, choosing the market to launch its first Covid-19 response bond.

    • 14 Oct 2020
  • Shinhan Card returns with Covid-relief bond

    Shinhan Card Co ended a long hiatus from the dollar bond market on Tuesday as it joined a number of other South Korean borrowers which have turned to the debt market to raise Covid-19 relief funds.

    • 14 Oct 2020
  • CMC Leasing sells maiden dollar bond

    China Merchants Commerce Financial Leasing Co (CMC Leasing) made its debut in the dollar bond market on Tuesday, selling a $350m five year deal.

    • 14 Oct 2020
  • Iccrea debuts callable senior debt

    A pair of European banks approached the euro senior market in different ways on Tuesday: Iccrea targeted a smaller pool of investors with its delayed callable debut, while BFCM went big with a blowout long 10 year.

    • 13 Oct 2020
  • UOB turns to Aussie dollars for latest bond

    Singapore’s United Overseas Bank issued a A$500m ($362.2m) bond in Australia on Friday, as a lack of financial paper in the market drove investor demand.

    • 12 Oct 2020
  • BFCM scoops ¥63.6bn with annual Samurai

    Banque Fédérative du Crédit Mutuel made its annual visit to the Samurai bond market this week, raising ¥63.6bn ($600m) across three tranches in a senior preferred format.

    • 09 Oct 2020
  • Stan Chart eyes Sofr development in Reg S market

    Standard Chartered this week became the first bank to launch a Sofr-linked deal in the 144A/Reg S dollar market, as it looked to introduce the Libor replacement rate to a more global audience.

    • 09 Oct 2020
  • Argenta Spaarbank EUR500m 1% Oct 26

    • 08 Oct 2020
  • Banks enjoy last hurrah ahead of difficult winter

    Deal arrangers expect bank bond supply will peter out after a flurry of deals this week. Issuers have been enjoying fantastic conditions, but most of them have finished their funding plans early so they can lay low throughout a much-feared fourth quarter. Tyler Davies and Bill Thornhill report.

    • 08 Oct 2020
  • Rare trio take contrasting approaches to senior mart

    Argenta Spaarbank, Belfius Bank and Jyske Bank took differing approaches to sell €500m no-grow senior bonds this week — Argenta offered a substantial new issue premium, while the latter pair pushed their pricing close to fair value.

    • 08 Oct 2020
  • Rare pair prints senior in euro FIG market

    A pair of infrequent issuers, Belfius Bank and Jyske Bank, tapped a strong market on Thursday with a pair of senior deals. The conducive environment is expected to wane as banks enter blackout periods, and prospective deals will have to vie with volatility around the US presidential election.

    • 08 Oct 2020
  • SRB to allow ‘non-linear’ transition to MREL targets

    The Single Resolution Board (SRB) will not force all banks to make a linear progression towards their minimum requirements for own funds and eligible liabilities (MREL), in an effort to be more flexible during the Covid-19 pandemic. But financial institutions have still called on the authority this week to do more to prevent MREL from becoming a barrier to lending.

    • 08 Oct 2020
  • BNPP attracts ‘diverse’ book for green deal

    BNP Paribas made use of a conducive backdrop this week to build a strong orderbook for a new green non-preferred senior deal.

    • 07 Oct 2020
  • Argenta offers substantial premium with new MREL deal

    Argenta Spaarbank attracted attention from investors with a 15bp new issue premium on Tuesday, allowing it to raise €500m of non-preferred senior debt for the minimum requirements for own funds and eligible liabilities (MREL).

    • 06 Oct 2020
  • Woori prepares to make Kangaroo bond debut

    Woori Bank is set to make its Kangaroo bond debut, seeking to tap the Australian dollar market to fund its coronavirus response.

    • 06 Oct 2020
  • Argenta readies MREL deal as rarer names hit euros

    Argenta Spaarbank announced plans for a new non-preferred senior deal on Monday, as it looks to take advantage of the supportive tone set by other rare borrowers last week.

    • 05 Oct 2020
  • Banking lobby warns MREL rules are blocking mergers

    The European Banking Federation (EBF) has called on regulators to be more flexible in handing out minimum requirements for own funds and eligible liabilities (MREL) to newly merged businesses, as a way of encouraging consolidation.

    • 05 Oct 2020
  • NBG bond brings new pricing step to FIG market

    Debt capital markets bankers say that smaller pricing steps are possible when selling deals on a yield basis, after bookrunners made a 7.5bp move with National Bank of Greece’s green deal this week.

    • 02 Oct 2020
  • US bank supply hits autumn slowdown

    US banks could be set for an extended hibernation from the dollar market after entering third quarter earnings blackout.

    • 01 Oct 2020
  • Dollar strength draws bank supply away from euros

    Unbeatable funding conditions are drawing European banks away from their home currencies and into the dollar market. Deal arrangers predict there will be no let-up in the shift to dollars over the near term, reports Tyler Davies, as issuers prepare for an unsettling fourth quarter.

    • 01 Oct 2020
  • Aareal Bank EUR500m 0.5% Apr 27

    • 01 Oct 2020
  • NBG gives Greece its first green bank bond

    National Bank of Greece (NBG) has become the lowest rated bank to issue green debt, after winning two times as much demand as it needed for a €500m senior bond on Thursday. The trade formed part of a flurry of green issuance in the FIG market, alongside new deals from Banque Fédérative du Crédit Mutuel and Mizuho Financial Group.

    • 01 Oct 2020