Most recent/Bond comments/Ad
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◆ 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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ABN Amro launched an any and all tender offer for one of its senior unsecured bonds on Wednesday, which puzzled liability management bankers away from the exercise.
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Bankers complaining about the lack of issuance in senior unsecured earlier in the week were silenced on Tuesday as Banque Federative du Crédit Mutuel brought a 6.5 year euro deal and SMBC Nikko a short sterling floater. Market participants bickered about how much premium BFCM was offering, but conceded that the deal was well executed, if a little on the cheap side.
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Issuers should use the window available to them in the European senior unsecured market this week, bankers said on Monday, as potential newsflow makes next week trickier and an early Easter holiday shortens March.
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Two banks, two different debt burdens being tackled. NIBC Bank hit the €1bn cap on its buyback of government guaranteed debt on Thursday, while Mediobanca on Wednesday launched a tender offer for more than €6bn of senior unsecured bonds in an effort to reduce a debt burden concentrated around the 2014 maturity.
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ABN Amro took advantage of investor hunger for yield in on Thursday, pricing a six year Australian dollar deal flat to its curve. Investors have been eager for Australian and New Zealand dollar paper in recent months owing to the high yields on offer in both currencies.
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Allianz priced three tranches of senior unsecured paper on Tuesday, bucking a trend of core names paying chunky new issue premiums with its five year euro tranche coming 2bp inside its curve.