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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FIG syndicates are in no doubt about the potential negative implications of Cyprus’s proposal to bail in its banks’ depositors. But some are bullish about the senior unsecured market’s new-found ability to ride unpleasant shocks, declaring that the market could be open for business by Wednesday.
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Bank of India returned to the bond market last week, overcoming the release of a damning report from a local media website that, while not naming the issuer, still sent the Indian bank curve as much as 10bp wider.
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The Cypriot government’s raid of its banks’ depositors provoked a relatively muted reaction from the European senior unsecured market on Monday, said bankers, with cash-rich buyers stepping in to support widening spreads.
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Domestic issuers were only the financial instutions to tap the Swiss franc market this week, with retail bank Clientis and insurer Helvetia selling senior unsecured debt.
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Bank treasurers focused on their margins are now able to quibble over one or two basis points in rejecting the spreads available for new senior unsecured deals, aided by their reduced funding need and a belief that conditions will remain strong this year.
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Banque Fédérative du Crédit Mutuel tapped the Swiss market on Friday morning, bringing a 10 year deal to market in response to a reverse inquiry. It’s the second French financial to tap demand in the 10 year segment in recent weeks.