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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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UBS has bought back the maximum €2.25bn of euro and Italian lira-denominated securities it targeted in its jumbo tender offer, as it reduces its funding burden following last year’s extensive restructuring of its business. The bank also announced the prices it will offer investors for its US dollar securities, for which the earlybird participation deadline was on Tuesday.
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BNP Paribas tempted investors with a generous headline spread for its new long 10 year senior unsecured deal on Tuesday, offering a double digit concession to its secondary curve. Bankers said the market backdrop demanded that issuers adopt this strategy — secondary volumes are up, but levels are flat, and after three weeks of scarce supply, issuers need to woo buyers before trying to tighten pricing, they said.
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Bankers that predicted an increase in senior unsecured issuance this week should be proven right as activity behind the scenes picks up. Scandinavian banks are tipped to lead the way, but the wait for bigger deals from the leading Dutch and French issuers may continue.
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Specialist insurer Beazley has decided to pull out of its planned retail bond issue after the majority of its subordinated debt investors decided to decline the firm’s offer to buy back their securities at par.
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Citigroup is looking to reduce its funding costs by buying back up to $500m of senior debt issued before the crisis hit in 2008.
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NIBC Bank failed to reach the spending cap on the European part of its government guaranteed buyback, which expired this week. But the issuer was not discouraged — the lower take-up allowed it to increase the amount it can spend in the US dollar part of the tender offer, helping it further reduce its GG debt burden.