Senior Debt - All Articles

  • Handelsbanken flirts with sub-zero yield

    Svenska Handelsbanken sailed very close negative yield territory when it printed a €500m seven year green senior non-preferred deal on Wednesday.

    • 25 Nov 2020
  • Macquarie hits euros for second deal of the year

    Investors were delighted to add more exposure to Macquarie Group on Wednesday, after the Australian issuer returned to euros for its second senior deal of the year.

    • 25 Nov 2020
  • Luminor targets short end in storming return to euros

    Luminor Bank was more than 3-1/2 times subscribed on its return to the euro market on Wednesday, allowing it to demonstrate a year-on-year improvement in its senior funding costs.

    • 25 Nov 2020
  • MREL is a paradox for small UK banks

    Little lenders are being pushed closer to collapse in the UK by rules that were supposed to make them more resilient. The Bank of England should take note.

    • 24 Nov 2020
  • Rare pair go small with senior pref deals

    As benchmark issuance remains on the side-lines, smaller issuers have come out to play, with rare borrowers Cassa Centrale Raiffeisen dell’Alto Adige and Luminor Bank on the hunt for deals Lilliputian in size on Tuesday. A handful of larger issuers are keeping a close eye, and could come to the market with small deals of their own in the coming weeks.

    • 24 Nov 2020
  • Clearstream brings debut senior deal at negative yield

    Clearstream Banking was nearly 12 times subscribed for its debut senior transaction on Tuesday, allowing it to tighten its pricing by 39bp and issue at a negative yield.

    • 24 Nov 2020
  • Co-op bags last gasp MREL at 9%

    The Co-operative Bank has completed the sale of a new senior bond just in time for a step-up in its minimum requirements for own funds and eligible liabilities (MREL). The UK issuer needed a chunky coupon to get its deal done, but managed to price through the trading levels on its outstanding tier two.

    • 23 Nov 2020
  • Size doesn’t matter: small trades take over FIG market

    Small transactions reached big audiences in the financial institutions bond market this week, as investors realised they would need to consider buying sub-benchmark supply in order to make the most of a dwindling deal pipeline. Tyler Davies and Frank Jackman report.

    • 19 Nov 2020
  • Arion Bank EUR300m 0.625% May 24 senior

    • 19 Nov 2020
  • Met Life hops back in to Aussie dollars

    Metropolitan Life landed a good price on its return to the Aussie dollar market on Thursday, thanks to tightening spreads and a scarcity of high rated financial paper.

    • 19 Nov 2020
  • Co-op enters crunch time for MREL needs

    The Co-operative Bank is getting ready to sell its first senior bond for the minimum requirements for own funds and eligible liabilities (MREL), after letting investors know that it is engaged in discussions about a possible takeover.

    • 18 Nov 2020
  • Rare FIG names make use of vaccine booster

    A pair of smaller names were tempted into the euro market on Tuesday, after Monday’s news that scientists have developed another successful vaccine for Covid-19 led to a further improvement of market conditions.

    • 17 Nov 2020
  • Deutsche, HSBC shift TLAC focus to dollars

    Deutsche Bank and HSBC Holdings were targeting the dollar market with new loss-absorbing senior deals on Tuesday, having each raised debt in euros earlier this month.

    • 17 Nov 2020
  • Old Lady could lean in for post-Brexit regulatory KISS

    KISS: the new acronym touted by Sam Woods, chief executive of the Prudential Regulation Authority, in a speech given at Mansion House on Thursday, proposes that regulatory requirements should “keep it strong and simple” after Brexit.

    • 13 Nov 2020
  • TLTRO participation weighs on bank MREL ratios

    Regulatory debt ratios are declining at some euro area financial institutions as a result of their participation in the European Central Bank’s targeted longer-term refinancing operations (TLTROs) this year.

    • 13 Nov 2020
  • Erste Group Bank EUR750m 0.1% Nov 28

    • 12 Nov 2020
  • Deutsche Bank EUR1.5bn 1% Nov 25 / EUR1.5bn 1.75% Nov 30

    • 12 Nov 2020
  • CaixaBank EUR1bn 0.375% Nov 26 green

    • 12 Nov 2020
  • OP Corporate Bank EUR1bn 0.1% Nov 27

    • 12 Nov 2020
  • Vaccine rally leads to FIG borrowing spree

    Financial institutions jumped into action this week, as positive news on the development of a Covid-19 vaccine led to superlative funding conditions in the euro market.

    • 12 Nov 2020
  • Rare FIG trio make most of good window

    A trio of rare issuers found a window for issuance in the FIG bond market on Thursday, with Nykredit and Hamburg Commercial Bank accessing a tightening senior non-preferred market, while Íslandsbanki launched Iceland's first ever sustainable bond

    • 12 Nov 2020
  • CDC finishes public funding in Swissies

    French agency Caisse des Dépôts et Consignations finished its 2020 syndicated funding programme with a visit to the Swiss market this week, printing an extremely tight deal through the high quality domestic covered bond curve.

    • 12 Nov 2020
  • Rare names fill up FIG as Íslandsbanki debuts sustainable bond

    Less frequent issuers found a window for issuance in the FIG bond market on Thursday, with Íslandsbanki launching Iceland's first ever sustainable bond and Hamburg Commercial Bank (HCB) focusing on non-preferred senior debt after twice delaying plans for a tier two.

    • 12 Nov 2020
  • Nykredit hits fair value on return to non-pref

    Nykredit Realkredit did not need a premium to launch a new non-preferred bond in euros on Thursday, with spreads in the asset class having now returned to where they were before the start of the coronavirus pandemic.

    • 12 Nov 2020
  • Bank secondary spreads rip tighter on vaccine boost

    The positive tone following Monday’s vaccine announcement has filtered through into the secondary market, compressing bank senior index spreads to an almost two month low.

    • 11 Nov 2020
  • Redco uses up bond quota to meet refi needs

    Redco Properties Group has tackled some of its upcoming maturities by selling a new $266m bond to refinance debt.

    • 11 Nov 2020
  • Vaccine boost tempts Caixa, ING into senior market

    Deal arrangers expect banks will take advantage of a positive tone in the euro market by bringing forward their plans for non-preferred senior issuance, following in the footsteps of CaixaBank and ING Groep on Tuesday.

    • 10 Nov 2020
  • China Orient prices ‘blowout’ bond on Biden boost

    China Orient Asset Management (International) Holding got nearly $10bn of orders for its $750m dual-tranche bond on Monday as it rode on a big rally in market sentiment after the US elections and its own rarity appeal to investors.

    • 10 Nov 2020
  • Banks benefit from Biden bounce in bond markets as vaccine success turbocharges rally

    Three banks launched new senior deals in euros on Monday, taking advantage of a jubilant tone in the market following Joe Biden’s victory in the US presidential election. That sentiment received a further boost during the morning trading session when Pfizer and BioNTech revealed successful Covid-19 vaccine trials.

    • 09 Nov 2020
  • HSBC rides through US political uncertainty to restart FIG supply

    HSBC Holdings did not need to wait for a result in the US presidential election as it opened order books for a dual-tranche senior deal in euros on Friday, paving the way for further supply in the FIG market next week.

    • 06 Nov 2020
  • Co-op Bank ‘actively pursuing’ MREL deal in next two months

    The Co-operative Bank said on Friday that it was pressing ahead with plans to raise £200m of debt for the minimum requirements for own funds and eligible liabilities (MREL) in the fourth quarter of this year, hoping to overcome "challenging" conditions to remain on track with its targets.

    • 06 Nov 2020
  • BNPP hires FIG DCM banker from Barclays

    BNP Paribas has hired Sofia Lonnqvist from Barclays to work in its debt capital markets team covering financial institutions clients.

    • 06 Nov 2020
  • Banks prepare November pipeline in wake of US vote

    Pre-funding is likely to be the name of the game in FIG from next week, with banks expected to use supportive market conditions in the wake of the US election to launch a final flurry of deals before the end of the year.

    • 05 Nov 2020
  • Bank debt rallies as US election hangs in the balance

    Valuations carried on climbing in the bank bond market on Thursday, as investors appeared keen to look beyond the uncertain outcome of the US presidential election.

    • 05 Nov 2020
  • Will the ECB buy more bank bonds?

    Some market participants say the European Central Bank could open itself up to buying preferred senior bank debt if it expands its purchase programmes in December.

    • 05 Nov 2020
  • DB on ‘upward trajectory’ after Moody’s upgrade

    Moody’s gave Deutsche Bank a ‘stable’ outlook for its ratings this week, helping the issuer feel more positive about its funding costs.

    • 04 Nov 2020
  • White House race doubts hamper FIG supply hopes

    Uncertainty over the outcome of the US presidential election is threatening to delay deal plans in the bank bond market, with issuers having lined up new transactions in the aftermath of a successful results season.

    • 04 Nov 2020
  • Bank spreads tighten ahead of US election

    Bank bond spreads have moved tighter on the secondary market over the last two days, driven in part by a lack of supply and the prospect of a victory for Joe Biden in the US presidential election. But not all segments are seeing gains, as investors are still shying away from riskier paper amid uncertainty around the vote.

    • 03 Nov 2020
  • Industrial Bank uses blue, Covid labels for bond return

    Industrial Bank Co has locked up more than $800m-equivalent from an international bond sale earmarked for green and social projects.

    • 02 Nov 2020