Most recent/Bond comments/Ad
Most recent/Bond comments/Ad
Most recent
◆ French bank secures 'surprising' demand... ◆... giving the option to go big ahead of national budget ◆ Concessions debated, but higher premium and spreads lure buyers
◆ Best window of the week, lead says ◆ Less concession than other recent deals ◆ Danske "pretty much done" for 2026 funding plan
◆ Deal followed HSBC's €3.75bn three part deal... ◆ ... and paid less NIP, tackling shorter end of curve ◆ Book grew after price revision
◆ First euro funding in almost a decade ◆ Part of early refi of its last euro bond ◆ Rarity makes it a trickier sale during heightened market volatility
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The senior unsecured market reacted positively on Monday to the news that Cyprus had finally reached a bailout deal, with CDS tighter and cash trading strongly.
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Cypriot woes failed to distract dollar investors from their single-minded pursuit of US bank paper as they lapped up $6bn of supply from Bank of America and JP Morgan this week.
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BÂloise, the Swiss insurer, launched a new 10 year Swiss franc bond on Thursday. The issue saw solid demand from investors, especially asset managers, despite pricing at a level the lead manager admitted was aggressive.
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Senior unsecured proved its resilience to shock again this week, with the euro market steadying on Thursday as Cyprus’s bail-out negotiations dragged on. But the unpredictability of the situation has kept the primary market quiet, with FIG bankers telling EuroWeek that dollars are becoming a more attractive option.
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The poor political backdrop in Europe could make the dollar market a tempting proposition for the best European names, bankers said on Thursday. Despite some tightening in European CDS, the senior market was again bereft of deals, while the US market was awash with supply.
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The senior unsecured market opened with a slightly better tone on Wednesday morning, but not enough to convince issuers to brave the unpredictability of events in Cyprus, bankers said. Execution risk in senior could push issuers towards the covered bond market, they reckoned.