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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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Banks feasted on new senior funding this week as investors desperate to put cash to work drove a strikingly rapid rally to reverse last week’s sell-off after Italy’s election stalemate.
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Banks held off on any new senior unsecured deals in Europe on Thursday, as markets awaited news from policy meetings at the European Central Bank and Bank of England. Plenty of issuers are weighing up opportunities, said bankers, but the pipeline is opaque.
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NIBC Bank purchased the maximum €616m equivalent in the US dollar part of the buyback it launched earlier this month to reduce its burden of government guaranteed debt, ensuring the Dutch bank hit its total €1bn target for the exercise.
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Mediobanca on Wednesday launched a tender offer for more than €6bn of senior unsecured bonds placed through Intesa Sanpaolo and UniCredit retail networks, in an effort to reduce a debt burden concentrated around the 2014 maturity.
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Allianz priced three tranches of senior unsecured paper on Tuesday at time when insurers are queuing up to print subordinated debt. The German insurer bucked a trend of core names paying chunky new issue premiums with its five year euro tranche coming 2bp inside the interpolated curve.
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Banks put €6.6bn of fresh senior unsecured supply on the market on Tuesday, with four well oversubscribed deals proving investors have plenty of cash handy for issuers paying the right premium. But senior may have already seen the bulk of its supply for the week with policy meetings at the European Central Bank and Bank of England on Thursday and US employment data on Friday.